The stock market is aiming to bounce back after a steep sell-off on Friday. April 15, 2024 | [Read Online]( Good Morning! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Letâs get ready to trade! Markets ð Stocks closed out last week with a steep sell-off, as interest rate concerns continued to weigh on investor sentiment. - Dow [-1.2%] - S&P 500 [-1.4%] - Nasdaq [-1.6%] - Russell 2K [-1.9%] Futures are picking up steam in early trading. S&P 500 contracts are up by about half a point in the premarket. What to Watch Today:
Keep an eye out for todayâs Retail Sales report. Consumer spending is a major component of the U.S. economy, but the recent resurgence in inflation could convince many shoppers to hold off on big purchases. A significant miss on the retail sales report would be yet another red flag for the market. [How to Grow Your Wealth Like a Billionaire]( Ever caught yourself thinking, "Thereâs got to be a better way to reduce my taxes and grow my wealth"? There is. Itâs all about knowing where to look. And weâre about to show you how to take advantage of the same loopholes and tricks the rich use to guard their wealth. [Get Started on the Next Page »]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights ð ð What to Watch This Week This week is set to be a whirlwind of corporate earnings and significant economic reports, following a robust start with major banks like JPMorgan Chase, Wells Fargo, and Citigroup. Here's a breakdown of the key events and data releases to keep an eye on: Monday ð
The week kicks off with earnings reports from financial heavyweights Charles Schwab and Goldman Sachs. On the economic front, attention will be drawn to the latest U.S. monthly retail sales data, providing insights into consumer spending trends. Additionally, international markets will be looking at China's first-quarter GDP figures, which could signal the pace of recovery in one of the world's largest economies. Tuesday ðï¸
Bank of America, Johnson & Johnson, Morgan Stanley, and UnitedHealth are slated to release their quarterly results, offering a broader view of the financial and healthcare sectors. Economic reports will include U.S. monthly housing starts and industrial production data, essential for gauging the health of the housing market and industrial sector respectively. Midweek ð
Wednesday will see Abbott Laboratories and ASML sharing their earnings, alongside crucial inflation data from the U.K. and the eurozone. These inflation figures are particularly pivotal amid ongoing discussions about monetary policy and interest rates in Europe. Thursday Earnings Rush ð
A busy Thursday is anticipated with earnings from Blackstone, Netflix, and Taiwan Semiconductor Manufacturing. Investors will particularly focus on Netflix's results to gauge the streaming giant's performance amidst increasing competition. Additionally, U.S. existing home sales and weekly jobless claims will offer further clues about the domestic economic landscape. Wrapping Up ð
The week concludes with financial updates from American Express and Procter & Gamble, providing insights into consumer credit trends and consumer goods sales. Featured Earnings ð°ï¸Â - Charles Schwab Corporation [SCHW] ... AM - Goldman Sachs Group [GS] ... AM - M&T Bank [MTB] ... AM - Guaranty Bancshares [GNTY] ... AM - Inspired Entertainment [INSE] ... AM - FB Financial [FBK] ... PM - CrossFirst Bankshares [CFB] ... PM - Vuzix [VUZI] ... PM - Skillsoft [SKIL] ... PM - Dragonfly Energy Holdings [DFLI] ... PMV Economy ð - Empire State manufacturing survey [Apr] ... 8:30a - U.S. retail sales [Mar] ... 8:30a - Business inventories [Feb] ... 10:00a - Home builder confidence index [Apr] ... 10:00a Running Hot ð¥ Gainers - Supercom [SPCB] >> +26.4% - Trio Petroleum [TPET] >> +16.2% - Piedmont Lithium [PLL] >> +21.7% Decliners - Marinus Pharma [MRNS] >> (73.3%) - New America High [HYB] >> (59.8%) - Neumora Therapeutics [NMRA] >> (23.3%) Snap One [SNPO] - Last Close: $8.14 Micro-cap smart living company Snap One has agreed to be acquired by Resideo Technologies [REZI] in an all-cash deal valued at $1.4 billion. SNPO investors will receive $10.75 per share in cash upon closing, representing a 32% premium over Fridayâs closing bid. The deal is expected to close sometime in the second half of the year. SNPO is up 30.7% on over 100K shares traded. My Take: As is usually the case with this type of catalyst, the rally has already closed the gap between SNPOâs Friday bid and the proposed acquisition price, so thereâs not enough upside potential at this point. Organovo Holdings [ONVO] - Last Close: $1.0101 Newly published clinical data shows Organovoâs fatty liver disease drug, FXR314, produced promising results in a Phase 2 trial. The drug was shown to reduce liver fat, and it was generally found to be safe & well tolerated among the patient pool. Organovo plans to present detailed findings of this study at an unspecified upcoming conference. ONVO is up 31.6% on over 4 million shares traded. My Take: ONVO could get a boost from the upcoming conference presentation, but thereâs a good chance most of the good news will be priced into the stock by then. . Longeveron [LGVN] - Last Close: $1.69 This tiny pharma firm just announced it will present clinical data from its CLEAR MIND randomized Phase 2a trial of Lomecel-B for mild Alzheimerâs disease. The company will present the data on Sunday, July 28th, at a âFeatured Research Session.â Longeveron will also make a poster presentation at the 2024 Alzheimerâs Association International Conference, running July 28 â August 1, 2024. LGVN is up 50.8% on over 6 million shares traded. My Take: These presentations could provide a mid-Summer catalyst of LGVN, but itâs only April and a lot can happen in 3 months. Mark your calendar, but wait for a better opportunity to jump in. Soligenix [SNGX] - Last Close: $0.3861 The U.S. Food & Drug Administration has grated Soligenix an Orphan Drug Designation to the active ingredient in MarVaxâ¢. MarVax⢠is a vaccine designed for âthe prevention and post-exposure prophylaxis against MARV infection." Orphan drug designations provide incentives for drug makers to develop therapies to treat rare diseases and disorders. SNGX is up 81.3% on over 23 million shares traded in response to the news. My Take: SNGX has been locked into a slide since mid-March, but maybe this news can help it pivot into a more favorable trend line. That's it for today! Thanks for reading, and good luck out there! Best Regards, â Chris D.
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