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U.S. stock futures rose on Tuesday as some investors returned to the market after a three-day global sell-off driven by concerns about a U.S. economic slowdown and high tech-sector valuations.

Many investors see Monday's sell-off as an overdue correction in a market with elevated valuations and record highs, though some warn that the downturn could continue.

Technology stocks, which were hit hard in Monday's session, rebounded in overnight trading. Nvidia gained nearly 3% after a 6.4% decline during regular trading. Mega-cap technology stocks like Alphabet, Microsoft, Meta Platforms, and Amazon each increased by more than 1%. Apple also rose nearly 1% following a 4.8% drop during regular trading.

Gold futures climbed 0.4% to $2,454.4 per troy ounce, recovering from Monday's broader market sell-off, where prices fell to $2,403.8 an ounce. Commerzbank analysts noted that the precious metal was initially dragged down by general market panic despite its safe-haven appeal.

Happening Today

✓ 08:30 AM ET – Imports & Exports (Jun)/Trade Balance (Jun)

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

✓ 12:00 PM ET – EIA Short-Term Energy Outlook

✓ 0-1:00 AM ET – 3-Year Note Auction

✓ 04:30 AM ET – API Weekly Crude Oil Stock

PREMARKET SNAPSHOT📈

Market futures are rebounding, with the S&P 500 up 0.78%, the Dow rising 0.68%, and the NASDAQ gaining 0.86%.

SECTOR SNAPSHOT✨

The market endured a rough day, with every sector experiencing significant declines. Information Technology and Communication Services faced the steepest drops, reflecting widespread concerns. Consumer Discretionary and Financials also posted notable losses, contributing to the overall negative sentiment. Defensive sectors like Consumer Staples and Utilities were not spared, as they too saw substantial decreases. This broad-based sell-off underscores the current market volatility, affecting all areas without exception.

PreMarket Unusual Volume Stocks

📈 Tenax Therapeutics Inc (TENX): Tenax Therapeutics Inc experienced a significant increase in trading activity with a volume of 5,683,109, far exceeding its average volume of 19,990. This surge in activity led to a 73.77% price change, reflecting heightened market interest.

📈 Lytus Technologies Holdings PTV Ltd (LYT): Lytus Technologies Holdings PTV Ltd saw an extraordinary surge in volume, trading 11,476,389 shares compared to its average of 80,850. This dramatic increase resulted in a 97.87% price change, indicating strong investor activity.

📈 VBI Vaccines Inc. (VBIV): VBI Vaccines Inc.'s trading volume rose to 45,084,477, significantly higher than its average of 1,068,380. The stock's price change of 76.47% mirrors this spike in trading volume.

📈 Agape ATP Corp (ATPC): Agape ATP Corp saw its volume rise to 19,677,557, far surpassing its average of 8,205,220. This increase in trading activity resulted in a 20.65% price change.

📈 VSee Health Inc. (VSEE): VSee Health Inc.'s volume spiked to 1,974,939, a substantial increase from its average of 959,540. The stock's 12.34% price change highlights the impact of the increased trading activity.

Premarket Picks

Lumen Technologies, Inc. (LUMN) stock soared 41.69% to $3.67 per share in pre-market trading following the announcement of securing $5 billion in new business, driven by high demand for connectivity fueled by AI.

Tenax Therapeutics, Inc. (TENX) saw its share price jump 49.14% to $4.34 per share in pre-market trading after revealing an oversubscribed $100 million private placement.

RxSight, Inc. (RXST) stock rose 25.38% to over $51.13 per share in pre-market trading after publishing its second-quarter 2024 financial results.

TG Therapeutics, Inc. (TGTX) surged 14.41% to $19.69 in pre-market trading today following the announcement of its financial results for the second quarter of 2024.

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

FDA Annoucements:

Recently Annouced:

Zevra Therapeutics (ZVRA) received positive news as an FDA panel voted in favor of approving its drug, Arimoclomol, for the treatment of Niemann-Pick disease type C. This rare genetic disorder has limited treatment options, making this potential approval a significant step forward for patients.

Adaptimmune Therapeutics (ADAP) achieved a major milestone with the FDA granting accelerated approval for Afami-cel, under the brand name TECELRA. This marks the first approved treatment for advanced synovial sarcoma, a rare and aggressive form of cancer. This breakthrough therapy offers new hope for patients with this challenging disease.

Upcoming Annoucements

Humacyte (HUMA) is awaiting a crucial FDA decision on August 10th regarding its Human Acellular Vessel (HAV). If approved, HAV could revolutionize the treatment of vascular trauma by providing a universally implantable, bioengineered blood vessel.

Citius Pharmaceuticals (CTXR) is eagerly anticipating the FDA's verdict on August 13th for its resubmitted Biologics License Application (BLA) for LYMPHIR. A positive outcome would bring a new treatment option for patients battling relapsed or refractory cutaneous T-cell lymphoma.

Gilead Sciences (GILD) will be closely watching the FDA's decision on August 14th for its drug, Seladelpar. If approved, this treatment could significantly impact the lives of patients with Primary biliary cholangitis (PBC), a chronic liver disease.

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.