Good Morning, Traders!…👋

Stock futures traded mostly higher on Friday as investors awaited the September jobs report, a key indicator ahead of the Federal Reserve’s next meeting in early November.

This comes after a down day for the major averages on Thursday, with the Dow dropping 184.93 points (0.44%), the S&P 500 slipping 0.17%, and the Nasdaq Composite edging 0.04% lower.

U.S. oil futures surged about 5% on Thursday, adding pressure on the broader market. The spike in energy prices was driven by escalating tensions in the Middle East following Iran’s missile attack on Israel.

Investors are focused on the upcoming payrolls report, seen as the next major market catalyst. Economists expect nonfarm payrolls to increase by 150,000 in September, up from 142,000 in August, while the unemployment rate is predicted to remain steady at 4.2%.

Geopolitical tensions and rising energy prices have led to a shaky start for stocks in October, raising concerns that equities could end the week in negative territory.

Happening Today

✓ 08:30 AM ET – Average Hourly Earnings (MoM) (Sep)

✓ 03:30 AM ET – Nonfarm Payrolls (Sep)

✓ 08:30 AM ET – Unemployment Rate (Sep)

✓ 90:00 AM ET – FOMC Member Williams Speaks

PREMARKET SNAPSHOT 📈

Market futures are up, with the S&P 500 rising 0.27%, the Dow increasing 0.13%, and the NASDAQ gaining 0.39%.

SECTOR SNAPSHOT✨

Yesterday's market demonstrated a mixed performance, with several sectors facing declines. Consumer Discretionary and Consumer Staples both saw significant losses, indicating ongoing weakness in consumer sentiment. Health Care and Industrials also experienced downturns. In contrast, Energy managed to post a notable gain, reflecting stronger demand in that sector. Information Technology also recorded a modest increase, along with Communication Services, providing some support to the market. Financials and Real Estate faced minor declines, while Utilities remained relatively flat, contributing to a day marked by overall cautious sentiment.

PreMarket Unusual Volume Stocks

📈 Phoenix Motor Inc (PEV): Phoenix Motor Inc saw a massive surge in trading activity with a volume of 9,379,614 compared to its average of 520,740. This spike in activity resulted in a 135.68% increase in its stock price.

📈 Graphex Group Limited ADR (GRFX): Graphex Group experienced a moderate trading volume of 920,889, slightly above its average of 161,240. However, the stock price declined by 6.13%.

📈 Nano Labs Ltd (NA): Nano Labs saw its trading volume rise to 1,513,668, surpassing its average of 290,540. The stock price increased by 9.68%.

📈 noco-noco Inc (NCNC): noco-noco Inc had a significant volume of 29,712,800, far exceeding its average of 5,983,160. The stock price surged by 107.32%.

📈 Aditxt Inc (ADTX): Aditxt Inc recorded a trading volume of 1,003,330, compared to its average of 227,160. The stock price saw a 9.74% increase.

Premarket Picks

Noco-noco Inc. (NCNC) saw a substantial rise of 73.45%, pushing its pre-market price up to $0.23 following the announcement of changes to resolutions for an upcoming extraordinary general meeting.

Phoenix Motor Inc. (PEV) experienced a remarkable increase of 136.28%, elevating its pre-market price to $0.82 after reporting a record revenue of $9.4 million and a net income of $14.8 million for the first quarter of 2024.

Beneficient (BENF) rose by 33.61%, reaching a pre-market price of $1.59 after revealing that its subsidiary, Beneficient Company Holdings, L.P., completed a previously announced deal that reclassified about $126 million of its preferred equity as non-redeemable.

Nuburu, Inc. (BURU) shares jumped 24.44% to $0.56 in pre-market trading after announcing upcoming TV interview dates featuring CEO Brian Knaley on Fox Business and Bloomberg TV.

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

Top Upgrades:

1. CVS Health Corporation (CVS)

Analyst Firm: TD Cowen
Upgrade: Hold to Buy
Price Target: $85
Yesterday's Close: $62.92

TD Cowen has upgraded CVS Health Corporation from "Hold" to "Buy," increasing the price target from $59 to $85.

CVS Health offers a wide range of health services across the U.S., including its Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments.

Analysts' stock price targets for CVS range from a low of $59.00 to a high of $86.00, with a median of $62.50 and an average target of $64.95.

2. Diamondback Energy, Inc. (FANG)

Analyst Firm: BMO Capital
Upgrade: Market Perform to Outperform
Price Target: $215
Yesterday's Close: $188.30

BMO Capital has upgraded Diamondback Energy from "Market Perform" to "Outperform," revising the price target upward from $205 to $215.

Diamondback Energy is an independent company focused on the acquisition, development, exploration, and exploitation of unconventional oil and natural gas reserves in the Permian Basin of West Texas.

Stock price targets for Diamondback Energy range from a low of $182.00 to a high of $286.00, with a median target of $215.00 and an average of $218.44.

3. C.H. Robinson Worldwide, Inc. (CHRW)

Analyst Firm: UBS
Upgrade: Neutral to Buy
Price Target: $140
Yesterday's Close: $105.50

UBS analyst Thomas Wadewitz upgraded C.H. Robinson Worldwide from "Neutral" to "Buy," raising the price target from $100 to $140.

C.H. Robinson provides comprehensive freight transportation services and logistics solutions in the U.S. and internationally.

Analysts' stock price targets for C.H. Robinson range from a low of $65.00 to a high of $122.00, with a median of $106.00 and an average of $102.74.

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.