Good Morning, Traders!…👋

U.S. stock futures pointed higher early Monday, continuing the momentum from last week's record-breaking rally. Dow Jones Industrial Average futures rose 120 points, or 0.3%, while S&P 500 and Nasdaq 100 futures also gained 0.3%.

All three major indexes closed at all-time highs on Friday after a momentous week in which Donald Trump, viewed positively for corporate earnings, secured the presidential election and the Federal Reserve cut interest rates. The S&P 500 notched its best weekly performance in over a year. Now, traders will shift their focus to upcoming inflation data and earnings reports from notable companies, including Home Depot and Shopify.

U.S. bond markets are closed on Monday in observance of Veterans Day.

Bitcoin, Dogecoin, and Shiba Inu have all surged following Trump’s victory over Kamala Harris in the presidential election, with Tesla CEO Elon Musk contributing to the rise of meme tokens. Shares of Coinbase, Robinhood, and MicroStrategy are also climbing.

Happening Today

✓ 10:00 AM ET - MicFed Waller Speaks

✓ 11:00 AM ET – NY Fed 1-Year Consumer Inflation Expectations (Oct)

✓ 02:00 PM ET – FOMC Member Kashkari Speaks

✓ 05:00 PM ET – FOMC Member Harker Speaks

PREMARKET SNAPSHOT 📈

Market futures are mixed, with the S&P 500 up 0.31%, while the Dow and NASDAQ are both down, declining 0.41% and 0.30%, respectively.

SECTOR SNAPSHOT✨

Yesterday's market showed a strong performance in most sectors, with Consumer Discretionary, Consumer Staples, and Health Care leading the gains. Energy and Financials also saw positive movement, contributing to the overall upbeat sentiment. Industrials had a solid increase, while Real Estate recorded a significant uptick. However, Materials, Information Technology, and Communication Services faced declines, indicating some pressure in those areas. Utilities rounded out the day with a strong gain, providing additional support to the market despite some losses in specific sectors. Overall, it was a day marked by broad-based growth with a few challenges.

PreMarket Unusual Volume Stocks

📈 SU Group Holdings Ltd (SUGP) experienced significant pre-market activity with a trading volume of over 5.4 million shares, compared to its average of 106K. The stock saw a robust 50.94% increase, closing at $2.24, signaling strong investor interest and potential positive developments within the company.

📈 New Horizon Aircraft Ltd (HOVR) recorded a substantial 77.14% surge in its stock price, reaching $0.51. This was accompanied by a high trading volume of 35.9 million shares, far exceeding its average of 865K. This sharp increase indicates rising market confidence and heightened activity surrounding the company.

📈 Revelation Biosciences Inc (REVB) posted a notable gain of 34.15%, with its stock price closing at $1.10. The company traded over 11.4 million shares, well above its average volume of 1.6 million, reflecting increased investor enthusiasm in the healthcare and biotech space.

📈 Bitcoin Depot Inc (BTM) showed a 22.99% rise in its stock price, closing at $2.14. The volume was 363K shares, significantly higher than its average of 97K. This positive change suggests a renewed interest in companies linked to the cryptocurrency sector.

📈 Signing Day Sports Inc (SGN) saw a strong pre-market movement with its stock price increasing by 54.59% to $0.29. The volume reached over 25.3 million shares, surpassing its average of 10.7 million, highlighting significant investor attention and trading momentum.

Premarket Picks

New Horizon Aircraft Ltd. (HOVR) saw a notable pre-market surge of 75.45%, with its stock price rising to $0.51. This increase follows the company's announcement that it has signed a mutual termination agreement with Meteora Capital Partners, LP, ending the forward purchase agreement made in August 2023, ahead of the planned SPAC merger.

Signing Day Sports, Inc. (SGN) experienced a pre-market surge of 49.24%, pushing its stock price to $0.28. The gain comes after the company reported progress on its planned acquisition of Swifty Global, which has been well-received by investors.

Tesla, Inc. (TSLA) stock rose by 6.61% in pre-market trading, bringing its price to $342.46. The boost is driven by expectations that CEO Elon Musk’s companies may benefit from favorable treatment under the incoming administration of President-elect Donald Trump, in light of Musk's support during the election campaign.

Coinbase Global, Inc. (COIN) saw a pre-market jump of 16.02%, with its stock price climbing to $314.11. The increase comes as the cryptocurrency exchange benefits from a sharp rise in Bitcoin prices, which continues to drive investor interest in the platform.

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

Top Upgrades:

1. Valley National Bancorp (VLY)

Analyst Firm: JPMorgan
Upgrade: Neutral to Overweight
Price Target: $11
Friday's Close: $9.96

JPMorgan has upgraded Valley National Bancorp from Neutral to Overweight, setting a revised price target of $11, up from $10.50. The bank, which oversees assets exceeding $62 billion, shows analyst projections with a high target of $12.00, a median of $10.50, and a low of $10.00. The average target price is $10.60. Valley National Bancorp remains dedicated to supporting the success of individuals and businesses.

2. Cisco Systems, Inc. (CSCO)

Analyst Firm: JPMorgan
Upgrade: Neutral to Overweight
Price Target: $66
Friday's Close: $58.06

Cisco Systems, the global leader in secure network solutions, has been upgraded by JPMorgan from Neutral to Overweight, with an increased price target of $66, up from $55. Analysts' estimates show a stock price range with a high of $62.00, a median of $57.00, and a low of $49.00. The average target price is approximately $56.05. Cisco remains committed to innovation and advancing global connectivity.

3. Pinterest, Inc. (PINS)

Analyst Firm: Wedbush
Upgrade: Neutral to Outperform
Price Target: $38
Friday's Close: $29.18

Wedbush has upgraded Pinterest from Neutral to Outperform, assigning a price target of $38. Pinterest, a platform that enables users to explore, save, and shop for ideas, has analyst projections with a high target of $51.00, a median of $40.00, and a low of $31.00. The average target price is set at $40.20. The company continues to be a unique player in the visual search and discovery space.

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.