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- 💥 Stocks Heating Up Pre-Market—What’s Your Next Move?
💥 Stocks Heating Up Pre-Market—What’s Your Next Move?
Noor Saba
October 11, 2024
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Good Morning, Traders!…👋
U.S. stock index futures edged lower on Friday as investors awaited the start of the third-quarter earnings season following hotter-than-expected September inflation data, which reinforced expectations for a 25-basis-point rate cut by the Federal Reserve in November.
Major financial companies, including JPMorgan Chase and Wells Fargo, will kick off the earnings season, with both stocks down about 0.2% in premarket trading ahead of their scheduled results before the bell.
With the S&P 500 up over 21% year-to-date and indexes trading near record highs, third-quarter earnings will provide a key test for the market’s rally, especially amid concerns over monetary policy, geopolitical tensions, and the upcoming U.S. presidential election.
Despite this, traders continue to bet on a 25-basis-point rate cut in November, with CME’s FedWatch tool showing an 84% probability of a cut and a 16% chance of no change.
Happening Today
✓ 08:30 AM ET – PPI (MoM) (Sep)
✓ 10:00 AM ET – Michigan 1&5 -Year Inflation Expectations (Oct)
✓ 12:00 PM ET – WASDE Report
✓ 02:00 PM ET – Federal Budget Balance (Sep)
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PREMARKET SNAPSHOT 📈
Market futures are mixed, with the S&P 500 down 0.07% and the NASDAQ falling 0.27%, while the Dow shows a slight gain of 0.03%.
S&P500$5825.00 ⬇️ 0.07% | Dow$42758.00 ⬆️ 0.03% | NASDAQ$20375.50 ⬇️ 0.27% |
SECTOR SNAPSHOT✨
Yesterday's market showed a mixed performance, with several sectors experiencing declines. Consumer Discretionary and Consumer Staples faced notable losses, reflecting weaker consumer sentiment. Financials and Health Care also recorded slight drops, contributing to the overall negative tone. However, Energy posted a solid gain, indicating resilience in that sector. Materials and Information Technology managed to stay in positive territory, albeit with minimal increases. Real Estate saw a significant decline, while Communication Services and Utilities both experienced losses. Overall, the day was characterized by more sectors ending in the red than in the green.
Name | Price | Change Percentage |
Consumer Discretionary | 1,583.00 | -0.26% 🔴 |
Consumer Staples | 871.38 | -0.54% 🔴 |
Energy | 710.65 | +0.79% 🟢 |
Financials | 758.55 | -0.32% 🔴 |
Health Care | 1,781.80 | -0.35% 🔴 |
Industrials | 1,149.69 | -0.54% 🔴 |
Materials | 601.11 | +0.21% 🟢 |
Real Estate | 269.51 | -0.89% 🔴 |
Information Technology | 4,491.90 | +0.08% 🟢 |
Communication Services | 312.41 | -0.61% 🔴 |
Utilities | 398.84 | -0.31% 🔴 |
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PreMarket Unusual Volume Stocks
📈 ZenaTech Inc. (ZENA) is experiencing a major surge in pre-market activity, with over 10.4 million shares traded, far exceeding its average volume of 207K. The stock has skyrocketed 70.06%, bringing its pre-market price to $3.01. This dramatic increase in both volume and price suggests strong investor interest as the market opens.
📈 Burning Rock Biotech Ltd ADR (BNR) has traded nearly 300K shares pre-market, compared to its average volume of 15K. The stock is up 0.46%, bringing its pre-market price to $3.30. This moderate gain may indicate stability ahead of regular trading.
📈 NewGenIvf Group Ltd (NIVF) has seen significant pre-market volume, with nearly 4.9 million shares traded, surpassing its average of 473K. The stock has risen 62.41%, with a pre-market price of $0.97. This sharp increase could point to continued momentum when the markets open.
📈 Cemtrex Inc. (CETX) has traded over 9.7 million shares pre-market, well above its average volume of 993K. The stock is up 17.08%, reaching a pre-market price of $0.55. This strong pre-market movement suggests potential for further gains during the trading session.
📈 LuxUrban Hotels Inc (LUXH) is showing substantial pre-market activity, with over 50 million shares traded, significantly higher than its average of 7.1 million. The stock has surged 50.30%, bringing the pre-market price to $0.08. This increase in volume and price reflects heightened investor interest as the day begins.
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American Lithium Corp. (AMLI) experienced a significant rise of 60.79%, pushing its pre-market price up to $1.15 after releasing a letter to shareholders.
Jet.AI Inc. (JTAI) saw its shares increase by 15.51%, reaching a pre-market price of $0.91 following the announcement of a $2.4 million registered direct offering.
Aehr Test Systems, Inc. (AEHR) shares rose by 13.88%, reaching $15.17 in pre-market trading after sharing its financial results for the first quarter of fiscal 2025.
NLS Pharmaceutics AG (NLSP) recorded a gain of 7.82%, bringing its pre-market price to $4.55 after filing a 6-K form with the SEC.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
LUXH | +30.50% | 33.19M |
CETX | +20.90% | 7.65M |
ZENA | +79.66% | 5.91M |
NIVF | +61.66% | 3.63M |
AKAN | +11.11% | 958.01K |
KXIN | +3.90% | 461.06K |
CDT | +3.12% | 331.56K |
DJT | +4.06% | 327.63K |
UBER | +5.17% | 270.39K |
ILAG | +6.13% | 193.64K |
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Top Upgrades:
1. Kinder Morgan, Inc. (KMI)
Analyst Firm: BofA
Upgrade: Neutral to Buy
Price Target: $27
Yesterday's Close: $23.72
BofA analyst Chase Mulvehill has upgraded Kinder Morgan, Inc. from "Neutral" to "Buy," raising the price target to $27. Kinder Morgan is one of North America's leading energy infrastructure companies.
The stock price target estimates for Kinder Morgan range from a low of $19.00 to a high of $25.00, with a median target of $23.00 and an average target of $22.73. Kinder Morgan plays a crucial role in ensuring reliable and affordable energy access.
2. Ferrari N.V. (RACE)
Analyst Firm: JPMorgan
Upgrade: Neutral to Overweight
Price Target: $525
Yesterday's Close: $453.27
JPMorgan has upgraded Ferrari N.V. from "Neutral" to "Overweight," with a revised price target of $525 per share.
Ferrari, a global luxury sports car manufacturer, has stock price target estimates ranging from a low of $365.52 to a high of $599.00, with a median target of $475.00 and an average target of $469.90. Ferrari’s strong brand and market positioning are reflected in these optimistic projections.
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3. Affirm Holdings, Inc. (AFRM)
Analyst Firm: Wells Fargo
Upgrade: Equal Weight to Overweight
Price Target: $52
Yesterday's Close: $42.01
Wells Fargo analyst Andrew Bauch has upgraded Affirm Holdings from "Equal Weight" to "Overweight," increasing the price target to $52 from $40. Affirm Holdings, Inc. operates a payment network across the U.S., Canada, and beyond, enhancing the shopping experience with its point-of-sale payment solutions.
Analyst estimates for Affirm’s stock price target range from a low of $20.00 to a high of $68.00, with a median of $46.00 and an average target of $44.75.
Happy investing,
Maeve Grace
Editor In Chief
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Important: This newsletter does not provide investment advice. The stocks mentioned should not be taken as recommendations. Your investments are solely your decisions.
Disclosure: I hold no positions in any companies mentioned, either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.
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