Stocks gain as Election Week begins 📈

[Image](www.elitetrade.club) Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Happy Monday! It's November 7th. Let's get ready to trade! Markets 📈 US benchmarks closed out last week with a strong Friday. The S&P 500 added 1.3%, while the Dow and Nasdaq both gained 1.2%. The small-cap Russell 2K jumped 1.1% on the trading session. Futures are up ahead of the opening bell. S&P 500 and Dow contracts are showing a 0.5% gain in early-morning trading. Sponsored [Stock Expert: Get Ready For What's Next]( Are you prepared for another market sell-off? A prolonged bear market that keeps mauling your portfolio? Or some unforeseen event (like the Pandemic) sending stocks into a death spiral? If not, you need to see what this legendary investor has to say. His briefing could save you from steep losses in the months ahead. [Get all the Details Here]( Premarket Highlights 🔎 - Oct. Jobs Report Tops Forecasts: Last Friday's Jobs report showed the US economy by added 261,000 jobs in October, beating analysts' target. However, the report did little to change investors' expectations for rate hikes. What to Watch Today 👀 Election Week The midterm elections are tomorrow, and it's anyone's guess how they will impact the market this week. Oil & gas stocks could respond well to GOP wins, but a Democratic win could be more favorable for renewable energy stocks. Late polling data shows Republicans are expected to take the House of Representatives and Senate, but it's not over until it's over. There are many more angles at play here, but it won't be entirely clear which way the market is feeling until we see how stocks respond to election results. International 🌍 Asia Hong Kong's Hang Seng Composite rallied 2.6% overnight, while Japan's Nikkei 225 jumped 1.2%. Australia's ASX 200 advanced 0.6%. Europe Britain's FTSE 100 is showing a slight, 0.1% loss, but Europe's other major indexes look good. The German DAX is up 0.9%, and the Italian FTSE MIB is showing a 0.7% gain. The Euro Stoxx 600 is up half a percent. Major Earnings 💰 Biontech Se Dr [BNTX] ... AM Palantir Technologies Inc. [PLTR] ... AM Hf Sinclair Corporation [DINO] ... AM Activision Blizzard, Inc [ATVI] ... PM Diamondback Energy, Inc. [FANG] ... PM Welltower Inc [WELL] ... PM International Flavors & Fragrances, Inc. [ILFF] ... PM Take-Two Interactive Software, Inc. [TTWO] ... PM Mosaic Company (The) [MOS] ... PM Alliant Energy Corporation [LNT] ... PM Economy 🏗 - Consumer credit (level change) [Sep] ... 3p Running Hot 🔥 Gainers - Phunware [PHUN] >> +12.5% - Apptech Corp [APCX] >> +20.9% - Dunxin Financial [DXF] >> +18.6% Decliners - Verve Therapeutics [VERV] >> (20.4%) - Huadi Intl. [HUDI] >> (31.6%) - Sentage Holdings [SNTG] >> (16.8%) Meta Platforms Inc [META] - Last Close: $90.79 Meta Platforms is moving higher after a weekend report. According to a Wall Street Journal report, Facebook's parent company plans to begin large-scale layoffs this week in order to back down costs. It could be the largest set of layoffs the tech industry has seen in quite some time, but it's currently unclear exactly how many of Meta's 87,000 employees will be affected. The layoffs mark Facebook's first major labor force reduction in its 18-year history. META is leading the S&P 500 with a 2.8% gain, and it's the most actively traded large-cap stock this morning. My Take: I am worried about META. I am not sure how it's going to recapture the digital ad dominance that made the company such a powerhouse in past years. I don't think we've seen the bottom of this selloff just yet. Digital World Acquisition Corp [DWAC] - Last Close: $17.48 DWAC is trending on rumors concerning former President Trump. The SPAC behind Trump's TRUTH Social is trending as speculation about his reelection campaign goes into a fever pitch. During an appearance on Nov. 3rd, the former president said he'd "very, very, very, probably do it [run for president] again." Some media outlets have speculated that Trump could make a formal announcement of his candidacy for the 2024 election by Nov. 14th, citing sources close to the former president. DWAC is moving higher on the rumors. The stock is one of this morning's top performers, with a 19.7% gain, and its warrants [DWACW] are up 37.0%. My Take: Since his loss in 2020, Trump has hinted at a 2024 run on several occasions, but he's always stopped short of a formal announcement. Investors expect a Trump candidacy would boost TRUTH Social's user count, but the company has had some issues as of late. I would be cautious. Castellum Inc [CTM] - Last Close: $0.9999 Castellum is soaring on news of a potential acquisition. The military-grade cybersecurity company announced it plans to acquire an East Coast-based government contractor, generating about $10 million annually. Castellum signed a non-binding letter of intent to purchase the company, and the deal is expected to help it scale its capabilities to serve large government clients. The company hopes to close on the deal by the end of Jan. 2023, pending the a due diligence phase and the execution of a definitive purchase agreement. CTM is trading actively with a 34.0% gain on news of the potential acquisition. My Take: This is a surprisingly strong move for news of a POSSIBLE acquisition. If it goes through, CTM could see more gains, but it's probably wise to wait for a pullback because it could be some time before the deal is finalized. Vapotherm Inc [VAPO] - Last Close: $0.69 Vapotherm is in the middle of a steep rebound rally. The MedTech stock reported disappointing earnings results last week that sent share prices tumbling, but VAPO is battling back to kick off the new trading week. The company missed analysts' estimates for EPS and revenues on its Q3 release, and both figures declined from last year. The earnings miss sent shares to a 45.2% decline on Friday, but the sell off may have been overdone because shares are bouncing back today. VAPO is one of today's top premarket performers with a 17.1% gain. My Take: VAPO good be a good value after last week's slide, but this company still has problems to overcome. However, it was trading for more than $20 per share earlier this year, so it could have significant upside potential. That's it for today! Thanks for reading, and good luck out there! Best Regards, Chris D. -- Elite Trade Club P.S... If you're on the hunt for a new broker, check out our preferred partner, moomoo! You can [get 15 free stocks]( worth up to $2,000 each if you join the moomoo App now. 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