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Futures wobble after Thursday sell-off 📉

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adam@elitetrade.club

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Fri, Jul 12, 2024 12:40 PM

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Stocks are looking shaky in early trading after a massive tech sell-off fueled a 1.9% sell-off in th

Stocks are looking shaky in early trading after a massive tech sell-off fueled a 1.9% sell-off in the Nasdaq on Thursday.                                                                                                                                                                                                                                                                                                                                                                                                                 July 12, 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 cruised to a mixed finish on Thursday. The Nasdaq sold off for its biggest loss in weeks, while the small-cap Russ2K rallied by more than 3%. - DJIA [<0.1%] - S&P 500 [-0.8%] - Nasdaq [-1.9%] - Russell 2K [+3.5%] Futures are hovering just above flat in early trading. S&P and Dow contracts are both sitting on small gains of less than 0.1%. What to Watch Today: We’ll get our first taste of the latest big bank earnings data in ahead of today’s opening bell, with reports from Wells Fargo [WFC], JPMorgan Chase [JPM] and Citigroup [C]. The reports will provide valuable insights into the state of the U.S. economy and the level of business activity, and they could very well set the tone for the entire trading session. [Care About Curing Cancer? Seize This Investment Opportunity]( Current cancer therapies fail to reach 90% of the tumor, leaving patients with limited options and hope. This gap in treatment effectiveness has been a significant barrier, hindering true progress for countless individuals. But this groundbreaking technology promises to overcome these obstacles, achieving 100% remission in preclinical trials. Discover how this revolutionary technology could transform cancer treatment and potentially save millions of lives. [Click here now to learn more about this technology and how you can potentially earn explosive returns from this opportunity.]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights 🔎 Dollar General Settles with Labor Department Over Safety Violations ⚠️ The U.S. Department of Labor announced a settlement with Dollar General on Thursday, requiring the retailer to pay $12 million in penalties and implement significant workplace safety improvements across its more than 19,000 stores nationwide. This new set of fines adds to the more than $21 million in penalties Dollar General has accrued from the federal Occupational Safety and Health Administration (OSHA) since 2017. Violations have included blocked fire exits, dangerous levels of clutter, and other safety issues. History of Violations 🚫 Dollar General has been a repeat offender with the Department of Labor, becoming the first company added to OSHA’s “severe violators” list in 2023. In addition to safety violations, the retailer's stores have faced significant gun violence, with 49 people killed and 172 injured according to 2023 data from the Gun Violence Archive. New Safety Measures 📋 Under the settlement, Dollar General is required to hire additional safety managers and reduce inventory and increase stocking efficiency to prevent blocked exits and clutter. The company must also provide comprehensive safety and health training to all employees and develop a safety and health committee with employee participation. Dollar General has employed third-party consultants and auditors to identify hazards and perform unannounced annual compliance audits. The company has created a new Safety Operations Center and maintains an anonymous hotline for employees and the public to report safety concerns. These third-party auditors were first commissioned following a shareholder vote in May 2023, a decision that the company initially opposed. Compliance and Monitoring 🔍 The settlement with the Department of Labor also requires Dollar General to correct safety hazards such as blocked access to fire extinguishers and improper material storage within 48 hours and submit proof of correction. The company will be subject to additional fines of $100,000 per day, up to $500,000, if it fails to comply. Dollar General will also need to monitor the outcomes of these efforts and provide quarterly reports to OSHA. Moving Forward 🚀 This settlement represents a significant step towards improving workplace safety at Dollar General. The company’s commitment to hiring additional safety personnel, conducting thorough audits, and ensuring compliance aims to create a safer environment for both employees and customers. Featured Earnings 💰️ - JP Morgan Chase [JPM] ... AM - Wells Fargo [WFC] ... AM - Citigroup [C] .... AM - The Bank of New York Mellon [BK] ... AM - Fastenal [FAST] ... AM - Ericsson [ERIC] … AM Economy 🏗 - Producer price index [Jun] ... 8:30a - Consumer sentiment (prelim) [Jul] ... 10:00a Running Hot 🔥 Gainers - Zapp EV [ZAPP] >> +28.3% - Sentage [SNTG] >> +28.2% - AgriForce [AGRI] >> +23.7% Decliners - Shineco [SISI] >> (54.3%) - Cyngn [CYN] >> (17.3%) - ASP Isotopes [ASPI] >> (20.2%) Instil Bio [TIL] - Last Close: $9.70 Instil Bio said its Complex Therapeutics unit signed AstraZeneca’s [AZN] pharma subsidiary as a tenant in its Tarzana, California facility. AstraZeneca Pharmaceuticals has agreed to a 15-year initial term ending in July 2039, and it has two 5-year options to extend the deal at its conclusion. Install said the rent is $627,276 per month, and the rate will increase by 3% annually. TIL is a top mover with a 25.5% gain, but volume is thin at less than 100K shares traded. My Take: TIL will get some much-needed cash flow from this deal, and that could make a big difference for an up-and-coming company like this. TOYO Solar [TOYO] - Last Close: $1.55 TOYO Solar is skyrocketing in the wake of its recent business combination with Blue World Acquisition SPAC. The companies closed on the reverse merger transaction last week, but shares initially drifted lower following the successful closing. However, after several days of flat trading, shares are breaking out ahead of today’s opening bell. TOYO is up 83.2% on 16 million shares. My Take: TOYO is getting a major influx of buying activity this morning. It could be a sign that the recent drawdown has bottomed out. Crown LNG [CGBS] - Last Close: $2.41 Crown LNG is rebounding following a 21% sell off in Thursday’s trading session. The company completed its business combination with Catcha Investment SPAC earlier this week, but shares are down 73.4% over the past five days. However, shares are rebounding after their recent pullback and they’re notching big gains in today’s premarket. CGBS is up 71.3% on over 8 million shares traded. My Take: CGBS’s post SPAC-merger pullback may have hit its bottom, but there could still be significant volatility to contend with in this stock. Qualigen Therapeutics [QLGN] - Last Close: $0.2053 Late Thursday, Qualigen announced a new Securities Purchase Agreement with an unnamed institutional investor. The company said it issued a senior note with a July 2025 maturity date against the investor’s loan of $2 million cash. The agreement also resulted in a shake up of Qualigen’s board, but shares are reacting favorably to the news so far. QLGN is up 63.7% on 51 million shares traded. My Take: QLGN has been riding a downtrend for most of the year, but it appears we could be entering the early phases of a rebound. 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. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and they are subject to default risk. [tw]( [ig]( [yt]( [tk]( *Standard message/carrier rates may apply. Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. 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