Futures Falter Ahead of PCE Data 🎢

[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 Friday! It's February 24th. I hope you have a great weekend! Let's get ready to trade! Markets 📈 Stocks turned higher on after a choppy trading session Thursday. The S&P 500 closed the day with a 0.5% gain, while the Dow added 0.3%. The Nasdaq and small-cap Russell 2K were both up 0.7%. Today, futures are down ahead another key inflation read set to drop this morning, January's PCE Index report. S&P 500 contracts are down 0.6% in early trading. Sponsored [The Top-5 "Gap Up" Stocks?]( As one of the world's most popular tech stocks... This company often makes significant announcements related to new technology and partnerships that can offer investors trading opportunities. We call this a "Gap Up" stock... And these companies have the potential to produce massive gains overnight. [Click Here to Get ALL 5 "Gap Up" Stocks]( Premarket Highlights 🔎 ⚪ None What to Watch Today 👀 Personal Consumption Expenditures January's data on Personal Consumption Expenditures (PCE) is set to drop at 8:30 a.m., and it's the Federal Reserve's preferred inflation metric. Investors are already walking on eggshells after hotter-than-expected reads on PPI and CPI this month, but today's PCE report could have an even greater influence on the market. Buckle up because this report could shake up the market today. Major Earnings 💰 Evergy, Inc. [EVRG] ... AM Lamar Advertising Company Reit [LAMR] ... AM Hf Sinclair Corporation [DINO] ... AM Frontier Communications Parent, Inc. [FYBR] ... AM Balchem Corporation [BCPC] ... AM Pnm Resources, Inc. (Holding Co.) [PNM] ... AM Carter'S, Inc. [CRI] ... AM Brady Corporation [BRC] ... AM Digitalbridge Group, Inc. Reit [DBRG] ... AM Holly Energy Partners, L.P. [HEP] ... AM Economy 🏗 - Consumer spending (nominal) [Jan] ... 8:30a - Personal income (nominal) [Jan] ... 8:30a - PCE index [Jan] ... 8:30a - New home sales [Jan] ... 10a - Consumer sentiment (final) [Feb] ... 10a Running Hot 🔥 Gainers - Avinger [AVGR] >> +23.8% - Beyond Meat [BYND] >> +12.6% - Avita Medical [RCEL] >> +11.2% Decliners - Sellas Life Sciences [SLS] >> (36.3%) - Nektar [NKTR] >> (40.2%) - Ocean Biomedical [OCEA] >> (15.1%) Mercado Libre [MELI] - Last Close: $1,136.26 Mercado Libre is running hot after an earnings release. The Latin eCommerce giant reported its Q4 results after Thursday's close, and the quarterly report exceeded Wall Street's expectations. Mercado Libre reported net income of $3.25 per share, bouncing back from a $(0.92) loss a year earlier, and beating the $2.32 EPS consensus. The company's top-line revenue figure came in at $3 billion and also topped analysts' $2.96 billion target. MELI is leading the Nasdaq-100 with a 5.1% gain on the news. My Take: MELI has performed well in 2023, and this move could help it add more fuel to the fire. Shares are trending higher, and this stock offers investors an opportunity to diversify into Latin American markets. Bridger Aerospace [BAER] - Last Close: $4.42 Bridger Aerospace is on the rise after a regulatory filing. A Form 3 filed by Thomas Jermoluk of JCIC Sponsor LLC revealed the fund holds a major position in the aerial firefighting company. According to the filing, JCIC, or Jack Creek Investment Corp, directly owns 2.52 million common shares and warrants to buy 9.4 million more at $11.50 apiece. Jack Creek Investment Corp was also behind the SPAC deal that took Bridger Aerospace public. The filing appears to have created a catalyst for BAER. Shares are up 64.9% in the premarket, making it one of the morning's top stocks. My Take: I like this stock a lot, but I am not sure about this rally. It has already come down a few clicks since it started. It might be prudent to wait for a better buying opportunity if you want to get in this one. Cingulate [CING] - Last Close: $1.11 Positive drug data is giving Cingulate a big boost today. The biopharma firm reported positive top-line results from a CTx-1301-003 study examining the effect of food on CTx-1301's absorption profile. Cigulate says the trial demonstrated the drug can be taken with or without food, and Multiple pharmacokinetic measurements showed favorable safety profile. The FDA has already approved the drug for the treatment of Attention Deficit / Attention Deficit Hyperactivity Disorder (ADD/ADHD). CEO Shane Schaffer said the study confirmed the optimal formulation for CTX-1301 and paved the way for Phase 3 trials. Shares of CING are up 67.5% on the promising trial data, and its one of today's most actively traded premarket stocks . My Take: CING has made a couple of big moves over the past few weeks. This stock seems to have a flair for gapping up when positive news hits the market. Akebia Therapeutics [AKBA] - Last Close: $0.74 Akebia Therapeutics is trending on a promising clinical update. The tiny biopharma firm said the European Medicines Agency's Committee for Medicinal Products for Human Use recommended approval for Vafseo™. Vafseo™, AKA vadadustat, is an oral inhibitor for the treatment of symptomatic anemia associated with chronic kidney disease (CKD) in adults on chronic maintenance dialysis. Now, the drug will go to the European Commission, who will review the CHMP recommendation and make a final decision on approval in about two months. If the EC rules favorably, its decision will apply to all 27 EU member states plus Iceland, Norway, and Liechtenstein. AKBA is trading actively with a 14.8% gain on the news. My Take: AKBA has seen some wild swings in February, including a recent bout of declines. However, today's run could help it get back on the right track. 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. [Click here to get started.]( P.P.S... Want alerts delivered straight to your cell every morning for free?* Text ELITE to 47121 or [click here]( to sign up now and get our watchlists sent directly to your phone! Or text CLOSE to 47121 to get on the mobile alert list for our Closing Bell Roundup report, featuring the day's top winners and losers. *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. Stocks featured in this newsletter may be owned by owners/operators of this website which could impact our ability to remain unbiased. 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