Happy Christmas, Traders!…👋

Stock futures edged lower early Thursday, hinting at a slightly softer start as markets reopen after the Christmas holiday. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were all down less than 0.5% as of 5:20 a.m. ET.

Despite this morning's dip, equities are on track for strong annual gains with just four trading sessions remaining in 2024. These gains have come despite the Federal Reserve delivering fewer rate cuts than anticipated, as it continues grappling with inflation that remains above its 2% target.

In the bond market, the yield on the 10-year Treasury note settled at 4.584% on Tuesday. Yields have followed a volatile path this year, peaking above 4.7% in April, falling to a trough in September, and rebounding toward year-end.

Happening Today

✓ 08:30 AM ET – Initial Jobless Claims

✓ 01:00 PM ET – 7-Year Note Auction

✓ 04:30 PM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT 📈

Market futures are down, with the S&P 500, Dow, and NASDAQ all showing declines.

Message by Our Sponsor

The $100 Trillion Opportunity in AI?

The rise of AI is shaping up to be bigger than any financial trend we’ve seen before. According to seasoned investor James Altucher, this next-gen AI revolution could create a $100 TRILLION industry, and early investors could stand to benefit. He’s even laid out how a $10K investment might turn into $1 million over the coming years. Want to see the details?

Check out his personal message here

SECTOR SNAPSHOT✨

Yesterday market displayed robust gains across the board, with consumer discretionary leading the charge, reflecting strong investor sentiment. Technology and communication services also posted solid growth, further bolstering the upward trend. Financials, health care, and industrials contributed positively, signaling broad-based participation. Energy, materials, and real estate registered moderate gains, while utilities continued their steady climb. Overall, the market demonstrated resilience and optimism, driven by widespread sectoral strength.

PreMarket Unusual Volume Stocks

📈 Millennium Group International Holdings Ltd (MGIH) witnessed an impressive increase of 152.29%, closing at 3.86. The trading volume soared to 16,065,381 shares, far exceeding its average volume of 24.69.

📈 reAlpha Tech Corp (AIRE) saw a solid growth of 41.61%, with its stock price closing at 1.94. The trading volume reached 15,649,644 shares, significantly above its average volume of 96.70.

📈 Wah Fu Education Group Ltd (WAFU) experienced a price increase of 21.84%, closing at 2.12. The trading volume stood at 5,160,093 shares, well beyond its average volume of 89.16.

📈 Yunji Inc ADR (YJ) recorded a modest gain of 9.27%, with its stock price closing at 1.65. The trading volume hit 3,002,252 shares, surpassing its average volume of 76.18.

📈 SciSparc Ltd (SPRC) achieved an impressive increase of 144.53%, closing at 0.54. The trading volume surged to 21,280,847 shares, significantly higher than its average volume of 719.23.

Premarket Picks

SciSparc Ltd. (SPRC) saw a significant pre-market surge of 151.76%, with its price rising to $0.5569. This increase was driven by the announcement that AutoMax Motors Ltd., a leading automotive importer and distributor in Israel with which SciSparc has entered into a merger agreement, received its first shipment of vehicles from Anhui Jianghuai Automobile Group Co., Ltd.

Zoomcar Holdings, Inc. (ZCAR) experienced a pre-market surge of 81.04%, bringing its price to $2.58. The company reported a remarkable 43% year-on-year growth in bookings for November, largely driven by increased demand during the wedding season.

Color Star Technology Co., Ltd. (ADD) saw its price jump to $4.16, reflecting a pre-market surge of 92.63%. This increase came after the company announced that His Highness Shaikh Humaid Abdulla Rashed Ahmed Almualla, a prominent member of the UAE royal family, had joined its board of directors as an independent director.

Rail Vision Ltd. (RVSN) also gained in pre-market trading, though specific surge data was not provided. The company’s announcement that it has joined MxV Rail’s Technology Roadmap Program, aimed at improving the safety and efficiency of rail operations in North America, contributed to the positive movement.

Below is a complete list of hot stocks in pre-market today:

Top Upgrades:

1. EverQuote, Inc. (EVER)

Analyst Firm: Raymond James
Upgrade: Outperform to Strong Buy
Price Target: $35
Tuesday's Close: $18.32

Raymond James analyst Gregory Peters raised his rating on EverQuote to Strong Buy from Outperform, setting a target price of $35.

Analysts have set the stock price target for EverQuote, Inc. with a high of $35.00, a median of $31.50, and a low of $28.00, resulting in an average target price of $31.67. EverQuote operates an online marketplace for insurance shopping in the United States, offering a variety of insurance products, including auto, home, renters, and life insurance.

2. The Progressive Corporation (PGR)

Analyst Firm: Raymond James
Upgrade: Market Perform to Outperform
Price Target: $305
Tuesday's Close: $243.24

Raymond James also upgraded Progressive to Outperform from Market Perform, with a new price target of $305.

For The Progressive Corporation, analysts estimate a high stock price target of $339.00, a median of $288.00, and a low of $237.00. The average price target comes in at $285.06. Progressive is a leading provider of auto, property, liability, and specialty insurance products across the U.S.

3. Brinker International, Inc. (EAT)

Analyst Firm: Argus
Upgrade: Hold to Buy
Price Target: $150
Tuesday's Close: $137.19

Argus upgraded Brinker to Buy from Hold, with a target price of $150, noting improved trends for the company as restaurant sales and traffic continue to rise, according to a research note.

Brinker International, Inc. has a stock price target range from a high of $150.00 to a low of $95.00, with a median target of $116.50. The average target price is set at $118.69. Brinker operates, owns, develops, and franchises casual dining restaurants both in the U.S. and internationally.

Happy investing,

Maeve Grace
Editor In Chief
Premium Stock Alerts

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.