Stocks stall after First Republic collapse 📉

[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 May 1st. I hope you had a great weekend. Now, let's get ready to trade! Markets 📈 The S&P 500 led US benchmarks with a 0.8% gain on Friday. The Dow also added 0.8%, and the Nasdaq gained 0.6%. The small-cap Russell 2K outperformed with a 1.0% advance. Futures are flat in early-morning trading. S&P 500 contracts are currently hovering near zero. Sponsored [Bank Accounts: Frozen!]( In 1990, the Brazilian government froze the bank accounts of thousands of citizens.  In 2013, the victims were the people of Cyprus.  In 2022, it hit closer to home — in Canada. And now the Federal Reserve System Docket No. OP-1670 reveals the plan to give the Fed the power to track and potentially control your checking account.  Not just the money you have in your account... But also, every single check, withdrawal, deposit and transaction.  Practically everything you do with your money! [Find out how to protect yourself here]( Premarket Highlights 🔎 📉 First Republic Seized By Regulators; Sold to JPMorgan The regional bank experienced tremendous outflows in the wake of the Signature & Silicon Valley Bank collapses, and FDIC regulators stepped in over the weekend to seize the bank & its assets. FDIC regulators have already accepted a bid from JPMorgan Chase for the bulk of First Republic's assets and operations. What to Watch Today? 👀 Regional Bank Stocks First Republic's collapse became the latest domino to fall in the regional banking crisis over the weekend when it was seized by FDIC regulators. Although not entirely surprising, the news could sour investors' sentiments towards regional bank stocks and create more challenges for the already beaten-down sector. Major Earnings 💰 Wec Energy Group, Inc. [WEC] ... AM On Semiconductor Corporation [ON] ... AM Global Payments Inc. [GPN] ... AM Stryker Corporation [SYK] ... PM Vertex Pharmaceuticals Incorporated [VRTX] ... PM Arista Networks, Inc. [ANET] ... PM Nxp Semiconductors N.V. [NXPI] ... PM Vici Properties Inc. Reit [VICI] ... PM Sba Communications Corporation Reit [SBAC] ... PM Diamondback Energy, Inc. [FANG] ... PM Economy 🏗 - ISM manufacturing [Apr] ... 10:00a - Construction spending [Mar] ... 10:00a Running Hot 🔥 Gainers - Hongli Group [HLP] >> +216.6% - Sentage Holdings [SNTG] >> +165.9% - Quhuo [QH] >> +132.1% Decliners - First Republic Bank [FRC] >> (45.8%) - Huadi Intl [HUDI] >> (35.8%) - TOP Financial [TOP] >> (39.9%) JPMorgan Chase [JPM] - Last Close: $138.24 Shares of JPMorgan are on the rise following its First Republic deal. The Wall Street bank took over the troubled regional bank over the weekend after it was seized by the FDIC. JPMorgan's haul from the deal includes $173 billion worth of loans, $30 billion worth of securities from the FDIC, and $92 billion in deposits. All of First Republic's 84 locations will reopen as branches of JPMorgan Chase bank, the FDIC said in a statement. JPMorgan said First Republic's corporate debt or preferred stock was not included in the deal. JPM is leading the S&P 500 with a 3.4% gain on news of the FDIC deal. My Take: JPM was in perfect position to capitalize on First Republic's struggle. As sentiment weakens towards the regional banking sector, we could see more inflows into JPM and other big banking stocks. (Full Disclosure: I currently have an open position in JPM) Ascendis Pharma [ASND] - Last Close: $69.96 Ascendis Pharma is moving higher after a clinical update. The Denmark-based biotech announced it has received a complete response letter from the FDA regarding its new drug application (NDA) for TransCon PTH. In the letter, the FDA declined to approve the hypoparathyroidism drug, citing concerns regarding the manufacturing control strategy for dose variability. However, the FDA didn't express any concerns about the clinical data submitted as part of the NDA, and it didn't request any new preclinical studies or data. Ascendis said it will request a Type A followup meeting with the FDA as soon as possible in order to find a path forward. News of the FDA response lifted ASND to a 17.9% premarket gain. My Take: The FDA's concerns are about manufacturing processes, not clinical data, so the market is taking this as a positive. ASND has potential to resolve the manufacturing issues and bring the drug to full approval in the near future. Iveric Bio [ISEE] - Last Close: $32.89 Iveric Bio is moving higher on buyout news. The biotech stock has agreed to be acquired by Japan's Astellas Pharma in a $5.9 billion all-cash deal. Astellas will pay $40 per share to acquire all outstanding shares of the company. The deal is expected to close in sometime in Q3, and Astellas said it won't make any changes to the dividend policy following the acquisition. ISEE is up 17.7% in the premarket. My Take: There's not much upside left in this buyout rally, but ISEE's chart is certainly promising. Marker Therapeutics [MRKR] - Last Close: $0.8414 An early-morning announcement is boosting shares of Marker Therapeutics. The company announced a comprehensive non-dilutive agreement with Cellready. Under the terms of the deal, Cellready will purchase certain assets from Market in exchange for $19 million in cash. Marker said the deal will reduce its overhead by roughly $22 million annually and allows it to focus solely on clinical advancement of its unique T cell therapy. MRKR is up 33.1% in early premarket trading. My Take: MRKR's chart is ugly, but there could be great upside if it can right the ship and market its T cell therapy. That's it for today! Thanks for reading, and good luck out there! Best Regards, Chris D. -- Elite Trade Club P.S... Want alerts delivered straight to your cell every morning for free?* Text ELITE to 47121 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. Please consult a financial advisor before making any trading decisions. 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