These stocks are skyrocketing to triple-digit gains in today's premarket. April 01, 2024 | [Read Online]( Good Morning! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. I hope you had a great Easter weekend. Now, letâs get ready to trade! Markets ð Stocks ended last week with mixed results. Most U.S. benchmarks closed within 0.1% of where they started the day. - Dow [+0.1%] - S&P 500 [+0.1%] - Nasdaq [-0.1%] - Russell 2K [0.0%] Futures are up in early trading. S&P 500 contracts are showing a 0.2% gain. What to Watch Today:
Stocks will return from a three-day break today. There arenât any big names on the earnings calendar, and the economic schedule is also pretty light. However, we will get two reads on U.S. manufacturing data that could hold influence sentiment in todayâs session. [See What One Ticker... One Trade... EVERY WEEK... Can Do for YOU]( New research proves that trading one ticker every week has had the ability to produce extraordinary gains... Including a rare 2,614% in under 11 days. See this groundbreaking new discovery for yourself. [Show me one ticker payouts.]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights ð ðµ PCE Inflation Lines Up with Expectations The personal-consumption expenditures (PCE) price index, closely watched by the Federal Reserve for inflation insights, increased by 2.5% year-over-year in February, meeting economist forecasts. The rise in core prices, excluding food and energy, also hit the anticipated mark at 2.8%, signaling a predictable inflation trajectory. Fed Chair Comments on Data ð£ï¸
Federal Reserve Chair Jerome Powell, speaking at the San Francisco Fed, highlighted the importance of data aligning with expectations. Despite a slight increase from January's 2.4% PCE index rise, the consistency offers a clearer picture of inflation's path, crucial for planning future monetary policy. Rate Cuts on the Horizon? â³
The Fed's recent affirmation of potential rate cuts later in the year points to ongoing assessments of inflation trends. Powell emphasized the need for further data to ensure confidence in returning to the Fed's 2% inflation goal, suggesting a cautious approach to adjusting interest rates. Market Reactions and Outlooks ð
Amidst Good Friday's market closures, investor optimism about the Fed's ability to manage inflation without triggering a recession has bolstered the S&P 500 to new highs. With bond yields slightly dipping, the market reflects anticipation of potential Fed action, with a notable majority expecting rate cuts by June. Fed's Flexible Stance ð
Powell reassured that the Fed's current rate settings provide flexibility to adapt to various economic scenarios. This could mean more aggressive rate cuts if the economy decelerates significantly or maintaining current rates if inflation remains stubbornly high, highlighting the Fed's balanced approach to navigating uncertain economic waters. Featured Earnings ð°ï¸Â - Nano-X Imaging [NNOX] ... AM - Sachem Capital [SACH] ... AM - Escalade [ESCA] ... AM - Pvh [PVH] ... PM - Ast Spacemobile [ASTS] ... PM - Microvast Holdings [MVST] ... PM - Natural Gas Services Group [NGS] ... PM - Omeros [OMER] ... PM - Canoo [GOEV] ... PM - Biostem Technologies [BSEM] ... PM Economy ð - S&P U.S. manufacturing PMI (final) [Mar] ... 9:45a - Construction spending [Feb] ... 10:00a - ISM manufacturing [Mar] ... 10:00a - Fed Governor Lisa Cook speaks ... 6:50p Running Hot ð¥ Gainers - Mediaco Holdings [MDIA] >> +78.5% - Xilo Development [XLO] >> +25.9% - U Power [UCAR] >> +21.8% Decliners - Mountain Crest SPAC [MCAF] >> (60.4%) - ENDRA Life Science [NDRA] >> (31.0%) - X3 Holdings [XTKG] >> (26.2%) Vast Renewables [VSTE] - Last Close: $3.09 Australian solar power firm Vast Renewables is surging despite no obvious company-specific news to explain the move. Vast Renewables rallied 33.7% on Friday after publishing âlimitedâ operational & financial results for the first half of its fiscal 2024 before the open. However, the results werenât great. Vastâs revenues increased, but it still reported massive operating loss of $(66.44) per share. Whatever the reason, VSTE is skyrocketing. Itâs up 235.9% on nearly 2 million shares traded. My Take: I am not sure why VSTE is rallying so sharply this morning, but I suspect we could see a pullback in the near future due to the lack of obvious substance behind this move. Doma Holdings [DOMA] - Last Close: $4.54 Late Thursday, Doma said it entered into an agreement with Title Resource Group to go private in an all-cash deal. Shareholders will receive $6.29 per share under the terms of the deal, equaling a 43% premium over DOMAâs Friday closing price on Wednesday. DOMA is up 34.7% on in todayâs premarket, but volume is light at only 50K shares traded. My Take: DOMA is still a few points shy of its buyout bid, so there could be more upside here. However, itâs minor, so it might not be worth the risk . Galera Therapeutics [GRTX] - Last Close: $0.14 An earnings beat is lifting shares of this tiny biotech stock in todayâs premarket. On Thursday morning, Galera reported a thinner-than-expected loss of $(0.10) per share, easily eclipsing the consensus estimate of $(0.35) per share. GRTX is up 42.9% on over 8 million shares traded. My Take: GRTX is coming off of a BIG pullback, so that might explain why this move was so sharp. It was trading for $0.25 per share prior to the pullback, and it could face resistance at that same mark on the way up. Sunshine Biopharma [SBFM] - Last Close: $0.0605 This micro-float biotech is surging after publishing its Form 10-K in Thursdayâs aftermarket. The reported included various updates on the companyâs business operations, drug pipeline, intellectual property, and more. After skimming the 10-K, nothing stands out as a potential catalyst for todayâs rally, but the report is the most likely trigger for the move. SBFM is up 109.5% on over 40 million shares traded. My Take: The reason for SBFMâs sudden rally is likely buried somewhere in the 10-K. Share prices were up to above $0.20 per share in early February, so there could be upside potential here. That's it for today! Thanks for reading, and good luck out there! Best Regards, â Chris D.
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