Futures fall after jobs data 📉

Markets are reacting negatively to the latest read on the employment market.                                                                                                                                                                                                                                                                                                                                                                                                                 June 07, 2024 | [Read Online]( Good Morning! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Let’s get ready to trade! Markets 📈 Stocks ended Thursday’s session close to where they began it. The Dow notched a small gain, while the S&P 500 and Nasdaq closed the session flat. - Dow [+0.2%] - S&P 500 [<0.1%] - Nasdaq [<0.1%] - Russell 2K [-0.7%] Futures are down in early trading. S&P 500 contracts are showing a 0.3% loss. What to Watch Today: The May jobs report is the big item on today’s agenda. Investors will monitor the report closely for insights into the U.S. job market, and it could also shed light on the outlook for Federal Reserve interest rate policy. [The $11 AI Coin That Could 150X Your Money]( This unknown $11 crypto could be poised to skyrocket as AI and blockchain converge. With partnerships already in place with Google, Apple, Microsoft, Disney, and HBO, this coin is perfectly positioned to ride the wave of two massive bull markets. [Get the details on this groundbreaking AI crypto HERE!]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights 🔎 GameStop Plummets Following Disappointing Q1 Results 📉 GameStop [GME] faces a significant setback as its shares plummet by 19% in premarket trading, following the release of dismal fiscal first-quarter results. The retailer, currently propelled by meme trader "Roaring Kitty," fails to demonstrate signs of operational improvement despite ongoing market enthusiasm. Sales Decline 📉 GameStop reports a stark 29% decrease in net sales, totaling $881.8 million for the quarter, falling below the anticipated range of $900 million to $1.09 billion predicted by Wall Street analysts. The company's disappointing performance underscores ongoing challenges in its core business operations. Narrower Lossest 💼 Despite narrowing its losses to $32.3 million compared to $50.5 million in the previous year, GameStop's financial health remains a concern. The company struggles to offset declining sales amid shifting consumer preferences and evolving retail dynamics. Turbulent Activity 💰 GameStop unveils plans to sell an additional $30 million worth of stock, adding to the 45 million share sale announced in May, which raised over $900 million. The decision to pursue additional stock sales reflects management's efforts to bolster liquidity amidst ongoing market volatility. Roaring Kitty Livestream 🐱 GameStop's premarket plunge follows a brief surge of nearly 30%, fueled by anticipation for Keith Gill's upcoming YouTube livestream. As investors eagerly await insights into Gill's sizable stake in the company, the abrupt decline underscores the challenges facing GameStop as it navigates turbulent market conditions. Featured Earnings 💰️ - J. Jill [JILL] ... AM - Graham [GHM] ... AM Economy 🏗 - U.S. employment report [May] ... 8:30a - U.S. unemployment rate [May] ... 8:30a - U.S. hourly wages [May] ... 8:30a - Hourly wages year over year ... 8:30a - Wholesale inventories [Apr] ... 10:00a - Consumer credit [May] ... 3:00p Running Hot 🔥 Gainers - Trinity Place [TPHS] >> +75.4% - Versus [VS] >> +10.0% - p3 Health [PIII] >> +9.8% Decliners - Biomea Fusion [BMEA] >> (65.4%) - Logistics Properties [LPA] >> (25.0%) - Barnes & Noble Ed [BNED] >> (23.5%) Vero Concept [VERO] - Last Close: $0.5867 This tiny medical technology stock is soaring after regaining compliance with Nasdaq’s minimum equity rule. Vero said the Nasdaq told the company it had regained compliance on June 4th, after it received a deficiency notice on May 31st. VERO is leading the premarket with a 160% gain on roughly 24 million shares traded. My Take: VERO’s reaction to this news appears to be a little overdone. Watch out for a pull back here. Leafly [LFLY] - Last Close: $2.02 Leafly is surging after series of Form 4 disclosures in Thursday’s aftermarket revealed several insider received shares of equity under an incentive plan. The filings showed that Alan Pickerill, Andres Nannetti, and Jeffrey Monet are all expected to receive 7,500 shares under the incentive agreement. LFLY is up 50.9% on roughly 3 million shares traded. My Take: LFLY is rallying on this news, but the Form 4’s didnt exactly represent insider buys, so this rally could be overdone. Presto Automation [PRST] - Last Close: $0.09 An early-morning Form 8-K filing is rallying shares of Presto Automation ahead of today’s opening bell. Presto also disclosed that a June 6th LinkedIn post from a financial advisor purporting to show the company’s plans was not authorized. PRST is up 21.2% on 21 million shares traded. My Take: PRST has had a terrible run in 2024, but recent volume spikes could indicate that it may be approaching a bottom. Geron [GERN] - Last Close: $4.59 This morning, Geron said it had received FDA approval for Rytelo for use in adult patients with lower-risk myelodysplastic syndrome. The approval was based on data from an IMerge Phase 3 trial, where the drug met all endpoints relating to higher rates of red blood cell transfusion. GERN is up 14.6% on more than 20 million shares traded. My Take: The rally could put GERN into a new trading range, so it could be worth adding this ticker to your watchlist. That's it for today! Thanks for reading, and good luck out there! Best Regards, — Chris D. Elite Trade Club Text ELITE to 47121 or [click here]( to get our alerts on your mobile device, and never miss another fast-moving stock! P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP. [Sign up for SMS]( [Privacy Policy]( | [Advertiser Disclosure]( *Alternative investments are speculative and possess a high level of risk. 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