Hello Part-time Trader…👋

U.S. stock futures are showing mixed signals in premarket trading on Wednesday, as traders remain cautious ahead of the highly anticipated consumer price index (CPI) inflation data due later today.

Tuesday's market saw a boost after the producer price index (PPI) figures came in weaker than expected, raising hopes that the Federal Reserve may consider cutting interest rates as early as September. The CPI release today could solidify this optimistic outlook.

In addition to economic data, market participants are closely monitoring any developments in the ongoing Israel-Hamas conflict, which could have broader implications for global markets.

Meanwhile, gold futures are edging up, rising 0.2% to $2,513.8 per troy ounce, approaching the record high of $2,537.7 reached in July.

On the corporate front, Nvidia continues to ride the wave of Tuesday’s broad market rally, benefiting from what some are calling an "everything rally.

Happening Today

✓ 08:30 AM ET – CPI (MoM) (YoY) (Jul)

✓ 10:30 AM ET – Crude Oil Inventories

PREMARKET SNAPSHOT📈

Market futures are nearly flat, with the S&P 500 unchanged, the Dow slightly down, and the NASDAQ showing a minor gain.

SECTOR SNAPSHOT✨

The market rallied with strong performances across the board. Information Technology led the charge with impressive gains, followed by significant increases in Consumer Discretionary and Health Care. Industrials and Financials also posted solid gains, contributing to the overall positive sentiment. Despite a slight dip in Energy, most sectors, including Materials and Communication Services, saw robust growth, marking a day of widespread optimism. Utilities and Consumer Staples added steady gains, rounding out a strong market performance.

PreMarket Unusual Volume Stocks

📈 Digital Ally Inc. (DGLY): Digital Ally Inc. experienced a significant increase in trading activity with a volume of 17,449,791, far exceeding its average volume of 99,620. This surge in activity led to a 96.49% price change, reflecting heightened market interest.

📈 Viracta Therapeutics Inc (VIRX): Viracta Therapeutics Inc saw a substantial rise in volume, trading 8,757,485 shares compared to its average of 111,510. This increase in trading volume resulted in a 33.38% price change.

📈 Golden Arrow Merger Corp (BSLK): Golden Arrow Merger Corp's trading volume rose to 108,157, significantly higher than its average of 7,820. Despite the increased trading activity, the stock experienced a -18.11% price change.

📈 Iveda Solutions Inc (IVDA): Iveda Solutions Inc saw its volume rise to 691,995, far surpassing its average of 64,600. Despite the increased trading activity, the stock experienced an -11.35% price change.

📈 Edible Garden AG Inc (EDBL): Edible Garden AG Inc's volume spiked to 6,154,143, a substantial increase from its average of 705,810. The stock's 40.43% price change highlights the impact of the increased trading activity.

Premarket Picks

Digital Ally (DGLY) stock skyrocketed over 102% to $1.70 in pre-market trading. The surge follows the company's acquisition of a new U.S. patent for driver tracking and analysis technology within vehicle fleets.

Viracta Therapeutics (VIRX) shares soared nearly 53% to $0.72 pre-market. Driving the increase is positive Phase 2 NAVAL-1 trial data for patients with relapsed or refractory EBV-positive peripheral T-cell lymphoma.

Edible Garden AG (EDBL) stock climbed more than 34% to $1.59 in pre-market trading. The company reported a 157% increase in gross profit for the second quarter of 2024, driven by strong sales of cut herbs and vitamins & supplements.

Jianzhi Education Technology Group (JZ) shares surged almost 22% to $0.98 pre-market after receiving a Nasdaq notification about its minimum bid price.

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

Top Upgrades:

1. Johnson Controls International PLC (NYSE: JCI)

Analyst Firm: RBC Capital
Price Target: $69
Yesterday’s Market Close: $67.82

RBC Capital has upgraded Johnson Controls International PLC from Underperform to Sector Perform, reflecting a more favorable outlook on the company’s prospects. The price target has been raised to $69, up from the previous $61, indicating a renewed confidence in the stock. Analysts have set price targets for Johnson Controls ranging from a low of $61.00 to a high of $93.00, with a median of $78.50 and an average estimate of $76.72.

Johnson Controls is a global leader in smart, healthy, and sustainable building solutions. The company’s robust market position and innovative offerings in building technologies are well-regarded, contributing to its strong performance in the sector.

2. HUYA Inc - ADR (NYSE: HUYA)

Analyst Firm: Citi
Price Target: $6
Yesterday’s Market Close: $5.09

Citi analyst Nelson Cheung has significantly revised his outlook on HUYA Inc., upgrading the stock from Sell to Buy with a new price target of $6, a substantial increase from the previous target of $2.40. This change suggests a strong turnaround in the company’s prospects.

HUYA Inc. is a leading live streaming platform in China, specializing in games, e-sports, and other entertainment genres. The company’s stock price targets vary, with a high of $9.00 and a low of $4.60, and an average estimate of $6.30, reflecting diverse views on its potential growth.

3. Hut 8 Corp (NASDAQ: HUT)

Analyst Firm: H.C. Wainwright
Price Target: $13.50
Yesterday’s Market Close: $10.96

H.C. Wainwright has adopted a more bullish stance on Hut 8 Corp, upgrading the stock from Neutral to Buy and significantly increasing the price target to $13.50, up from $7.50. This upgrade highlights the firm’s growing confidence in Hut 8’s business model and future prospects.

Hut 8 Corp is a North American energy infrastructure operator and Bitcoin miner, with a diverse portfolio that includes self-mining, hosting, managed services, and traditional data center operations. Analyst estimates for Hut 8 range from a low of $7.50 to a high of $22.00, with a median of $15.00 and an average of $15.10, indicating optimism about the company’s role in the evolving digital asset space.

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.