Good Morning, Traders!…👋

Wall Street futures moved higher Thursday after a federal trade court struck down key tariff orders from President Donald Trump, easing investor concerns over escalating trade tensions. The move came alongside upbeat earnings from AI chipmaker Nvidia, which topped quarterly revenue expectations.

The U.S. Court of International Trade ruled that the Constitution grants Congress—not the president—exclusive authority to regulate foreign commerce, rejecting the use of emergency powers to justify tariffs. The ruling immediately invalidated all of Trump’s tariff actions taken since January under the International Emergency Economic Powers Act (IEEPA). However, the decision could still be appealed to higher courts, including the U.S. Supreme Court.

Meanwhile, minutes from the Federal Reserve’s latest meeting, released Wednesday, showed policymakers grappling with the challenge of managing rising inflation and softening labor market conditions—warning of “difficult tradeoffs” ahead.

Investors are also watching for key economic updates today, including the second estimate of Q1 GDP due at 8:30 a.m. ET. April’s Personal Consumption Expenditures (PCE) report, the Fed’s preferred inflation gauge, is expected Friday. Additionally, at least five Fed officials—including Governor Adriana Kugler—are slated to speak publicly throughout the day.

Earnings Watch

Earnings hit today from Best Buy $BBY, Kohl’s $KSS, and Foot Locker $FL before open, plus Costco $COST, Dell $DELL, and Marvell $MRVL after close.

Analysts expect BBY to post $1.12 EPS with electronics demand, KSS to hit $0.05 EPS, FL at $0.12 EPS, COST to deliver $4.24 EPS with retail strength, DELL at $1.45 EPS, and MRVL at $0.45 EPS.

Happening Today

✓ 08:30 AM ET – Initial Jobless Claims

✓ 08:30 AM ET – GDP (QoQ) (Q1)

✓ 10:00 AM ET – Pending Home Sales (MoM) (Apr)

✓ 12:00 PM ET – 7-Year Note Auction

✓ 12:00 PM ET – Crude Oil Inventories

✓ 04:00 PM ET – FOMC Member Daly Speaks

✓ 04:30 PM ET – Fed's Balance Sheet

PREMARKET SNAPSHOT 📈

U.S. equity futures advanced this morning, buoyed by Nvidia's robust earnings report and a federal court ruling that invalidated key Trump-era tariffs

SECTOR SNAPSHOT✨

The market pulled back with all major sectors ending in negative territory. Consumer discretionary, energy, and materials saw some of the steepest declines, while financials, health care, and industrials also slipped. Information technology and communication services dipped modestly, and even typically defensive areas like utilities and consumer staples were under pressure. Real estate was nearly flat but still closed slightly lower, capping off a broadly red session.

PreMarket Unusual Volume Stocks

📈 Heartcore Enterprises, Inc. (HTCR) jumped 41.28% with 21.24M shares traded—volume surged by 30,752.97%, suggesting a significant catalyst or renewed investor interest.

📈 Polyrizon Ltd. (PLRZ) climbed 19.42% on 10.74M volume, up 2,527.55%, continuing its strong momentum and gaining traction among speculative traders.

📈 NanoVibronix, Inc. (NAOV) rallied 49.60% with 16.67M shares traded—volume rose 309.33%, highlighting unusual activity in this micro-cap healthcare stock.

📈 Faraday Future Intelligent Electric Inc. (FFAI) advanced 8.33% as volume reached 429.61K, a 166.04% jump—likely driven by sector sentiment around EVs.

📈 Healthcare Triangle, Inc. (HCTI) surged 29.31% with 138.29M shares traded, up 106.79%—another massive move in this volatile low-float stock.

Premarket Picks

Healthcare Triangle, Inc. (HCTI) surged 34.48% in pre-market trading, reaching $0.0078. The spike follows the announcement of approximately $1.0 million in new multi-year strategic contract wins, signaling positive momentum for the company. 

Graphjet Technology (GTI) rose 43.59% pre-market to $0.19. The rally comes as the company disclosed it is finalizing its financial statements for the fiscal year ended December 31, 2024, a key step toward transparency and growth. 

NanoVibronix, Inc. (NAOV) jumped 64.79% to $1.41 before market open. The company announced that a major 420-bed acute care hospital in the greater New Orleans area has selected its ENvue™ Navigation Platform to support adult feeding tube procedures, marking a significant win for its ENvue Medical Holdings division. 

ORIC Pharmaceuticals, Inc. (ORIC) gained 21.44% in pre-market action, trading at $7.25. The uptick follows encouraging early results from its Phase 1b trial of ORIC-944 in combination with AR inhibitors for advanced prostate cancer, along with news of a $125 million private placement financing round. 

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

Top Upgrades:

1. Southwest Airlines Co. (LUV) 

Analyst Firm: Deutsche Bank 
Upgraded: Hold to Buy 
Price Target: $40 
Yesterday's Close: $32.89 

Deutsche Bank raised its rating on Southwest Airlines from Hold to Buy and increased its price target from $28 to $40. Analysts have set a stock price target range for Southwest Airlines between $19.00 and $40.00, with a median estimate of $26.95 and an average of $29.30. The airline operates scheduled flights across the United States and to nearby countries. 

2. Claritev Corporation (CTEV) 

Analyst Firm: Piper Sandler 
Upgraded: Neutral to Overweight 
Price Target: $44 
Yesterday's Close: $26.66 

Piper Sandler analyst Jessica Tassan upgraded Claritev (CTEV) from Neutral to Overweight, raising the price target to $44 from the previous $19. Claritev’s stock price target ranges from $25.00 to $44.00, with both the low and median estimates at $25.00, and an average target of $31.33. The company specializes in data and technology solutions focused on cost, payment, and revenue management within the U.S. healthcare system. 

3. Lamar Advertising Company (LAMR) 

Analyst Firm: Citi 
Upgraded: Neutral to Buy 
Price Target: $135 
Yesterday's Close: $118.23 

Citi lifted its rating on Lamar Advertising from Neutral to Buy and set a new price target of $135. Analyst estimates for Lamar Advertising fall between $114.00 and $145.00, with both the median and average targets at $125.00. Lamar operates outdoor advertising networks across the United States and Canada. 

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.