Good Morning, Traders!…👋

U.S. stocks continued their upward trajectory in the Friday premarket session, capping off what is shaping up to be the best week for the markets this year. Strong consumer spending, reflected in robust retail sales data and Walmart’s impressive earnings, has helped to ease recession fears that shook the markets earlier this month.

The S&P 500 is on course to break a four-week losing streak, with the index and the Nasdaq both pursuing their seventh consecutive day of gains. All three major U.S. benchmarks are set to record their strongest weekly performance in percentage terms since late 2023, marking a sharp turnaround in sentiment after the global market selloff that kicked off August.

This week’s market rally comes as a stark contrast to the anxiety sparked by the recent U.S. jobs report, which had many investors bracing for a potential recession. However, strong retail sales figures and Walmart’s earnings on Thursday have reassured markets about the resilience of the consumer and the broader economy. The positive sentiment was further buoyed by better-than-expected weekly jobless claims, as investors grow increasingly confident in an imminent interest rate cut by the Federal Reserve next month.

As we head into the weekend, stocks are riding a wave of optimism with few major disruptions on the horizon.

Happening Today

✓ 08:30 AM ET – Building Permits (Jul)

✓ 08:30 AM ET – Housing Starts (Jul)

✓ 10:00 AM ET – Michigan 1-Year Inflation Expectations (Aug)

✓ 10:30 AM ET – Atlanta Fed GDPNow (Q3)

✓ 03:30 PM ET – CFTC Nasdaq 100 speculative net positions

✓ 03:30 PM ET – CFTC S&P 500 speculative net positions

PREMARKET SNAPSHOT📈

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

SECTOR SNAPSHOT✨

The market experienced a robust rally, with Consumer Discretionary and Information Technology leading the charge. Industrials and Materials also posted strong gains, reflecting widespread optimism. Energy and Financials contributed to the positive momentum, while Health Care and Consumer Staples added steady growth. However, Real Estate and Utilities saw slight declines, standing out as the day's underperformers. Overall, it was a day of broad-based gains across most sectors, signaling strong market confidence.

PreMarket Unusual Volume Stocks

📈 Greenland Technologies Holding Corp (GTEC): Greenland Technologies Holding Corp experienced a significant increase in trading activity with a volume of 2,966,913, far exceeding its average volume of 114,310. This surge in activity led to a 26.54% price change, reflecting heightened market interest.

📈 Seelos Therapeutics Inc (SEEL): Seelos Therapeutics Inc saw an extraordinary surge in volume, trading 18,972,455 shares compared to its average of 753,810. This dramatic increase resulted in a 51.85% price change, indicating strong investor activity.

📈 Siyata Mobile Inc (SYTA): Siyata Mobile Inc's trading volume rose to 1,425,069, significantly higher than its average of 247,970. The stock's price change of 0.42% mirrors this spike in trading volume.

📈 Cingulate Inc (CING): Cingulate Inc saw its volume rise to 8,545,638, far surpassing its average of 1,739,030. This increase in trading activity resulted in an 85.40% price change.

📈 Treasure Global Inc (TGL): Treasure Global Inc's volume spiked to 216,218, a substantial increase from its average of 74,180. The stock's 4.36% price change highlights the impact of the increased trading activity.

Premarket Picks

Seelos Therapeutics, Inc. (SEEL) is skyrocketing today. Their stock price has jumped by over 64% in pre-market trading, reaching $0.44 per share. This big increase follows the release of their financial results.

Cingulate Inc. (CING) is seeing a massive boost in its stock price, up by almost 95% to $9.36 per share in pre-market trading. The reason for this is that they've been granted a European patent for their ADHD drug, CTx-1301.

Zoomcar Holdings, Inc. (ZCAR) is on fire, climbing by over 44% to $0.16 per share in early trading. This comes after they announced strong performance in their first quarter of 2024.

Tonix Pharmaceuticals Holding Corp. (TNXP) is experiencing a significant stock price increase of 35.44% to $0.62 per share in pre-market trading. The company has reaffirmed its dedication to developing a vaccine for mpox and other diseases.

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

Top Upgrades:

1. Illumina Inc (NASDAQ: ILMN)

Analyst Firm: Daiwa
Upgrade: Neutral to Buy
Price Target: $154 (Previous: $120)
Yesterday’s Close: $128.80

Daiwa has upgraded its rating on Illumina Inc. from Neutral to Buy, raising the price target to $154, up from the previous $120. This upgrade follows the announcement of Illumina’s new business plans, reflecting increased confidence in the company's growth prospects.

Illumina, a global leader in genomic innovation, is at the forefront of advancing human health through DNA sequencing and array-based technologies.

Analyst estimates for Illumina’s stock price range from a low of $105.00 to a high of $242.00, with a median target of $138.00 and an average of $146.23, underscoring its potential in the rapidly evolving genomics field.

2. Fox Corp Class A (NASDAQ: FOXA)

Analyst Firm: Wells Fargo
Upgrade: Underweight to Overweight
Price Target: $46 (Previous: $29)
Yesterday’s Close: $38.99

Wells Fargo has shifted its outlook on Fox Corp Class A from Underweight to Overweight, significantly raising the price target to $46 from the previous $29.

This upgrade reflects a more optimistic view of Fox Corporation’s future performance. Fox Corp, with its extensive media presence through platforms like FOX News Media, reaches nearly 200 million viewers monthly.

Analysts have set price targets for Fox Corp ranging from a low of $29.00 to a high of $62.00, with a median of $38.00 and an average of $39.70.

3. CF Industries Holdings, Inc. (NYSE: CF)

Analyst Firm: Barclays
Upgrade: Equal Weight to Overweight
Price Target: $90 (Previous: $80)
Yesterday’s Close: $79.78

Barclays has upgraded CF Industries Holdings, Inc. from Equal Weight to Overweight, raising the price target to $90 from the previous $80. This upgrade signals increased confidence in the company’s market position and growth potential.

CF Industries, a leading producer of anhydrous ammonia and other nitrogen-based products, plays a crucial role in the agricultural sector.

Analyst price targets for CF Industries range from a low of $67.00 to a high of $100.00, with a median of $84.20 and an average of $83.15, highlighting the company’s importance and potential in the industry.

Happy investing,

Maeve Grace
Editor In Chief
Premium Trade 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.