FDIC Rumors rally regional bank stocks 🔥

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 May 5th. I hope you have a great weekend. Now, let's get ready to trade! Markets 📈 US benchmarks fell on Thursday thanks to growing anxieties among investors who fear a regional banking crisis could be unfolding. The Dow lost 0.8% on the news, while the S&P 500 slid 0.7% and the Nasdaq lost 0.4%. The Russell 2K sold off for a 1.1% loss. Futures are rebounding in early premarket trading. S&P 500 contracts are up 0.5% Sponsored ["The Seventh Wave is Coming"]( Get on the Right Side of History Don't let the "Seventh Wave" catch you off guard. Don't wait, get in position to profit from the boom now. [Click now to get started.]( Premarket Highlights 🔎 📈 Bloomberg: FDIC May Soften Rules for Small Lenders According to a Bloomberg report, the Federal Deposit Insurance Corporation is considering exempting banks with assets of less than $10 billion from contributing to its deposit insurance program. According to the report, lenders with about $50 billion in assets could spread out the payments over two years, while the bulk of the bill would be footed by bigger lenders. The rumors are raising hopes that the government will intervene on behalf of smaller banks if needed, and regional banks stocks are rallying on the news. What to Watch Today? 👀 April Jobs Report This month's jobs report will drop before today's open at 8:30 a.m. Investors will pay close attention to the data to see how rate hikes and a slowing economy are affecting the job market. However, the market could react favorably to a downbeat report because it will give the Fed more reason to stop raising rates. Major Earnings 💰 The Cigna Group [CI] ... AM Dominion Energy, Inc. [D] ... AM Johnson Controls International Plc [JCI] ... AM Mettler-Toledo International, Inc. [MTD] ... AM Warner Bros. Discovery, Inc. - Series A [WBD] ... AM Epam Systems, Inc. [EPAM] ... AM The Aes Corporation [AES] ... AM Cboe Global Markets, Inc. [CBOE] ... AM Evergy, Inc. [EVRG] ... AM Credicorp Ltd. [BAP] ... PM Economy 🏗 U.S. employment report [Apr] ... 8:30a Consumer credit [Mar] ... 3:00p Running Hot 🔥 Gainers - Save Foods [SVFD] >> +40.4% - AGBA Acquisition [AGBA] >> +34.4% - PacWest Bancorp [PACW] >> +19.5% - Moolec Sciences [MLEC] >> 22.6% Decliners - Trupanion [TRUP] >> (42.2%) - Clearfield [CLFD] >> (30.2%) - Lyft [LYFT] >> (15.6%) - Nextplay Technologies [NXTP] >> (35.6%) Zions Bancorp [ZION] - Last Close: $19.93 Regional banks are rebounding after a government announcement. A Bloomberg report says the Federal Deposit Insurance Co. may exempt banks with assets of $10 billion or less from paying into its deposit insurance fund. Zions Bancorp and other regional banking stocks sold off yesterday, but the report is fueling a sector-wide rebound in today's premarket. ZION sold off for a 12.0% loss on Thursday, but it's up 7.9% ahead of today's open, and it's currently leading the S&P 500. My Take: ZION has an excellent P/E ratio of 3.41, but that could be a value trap. I would avoid stocks like this until tensions in the regional banking sector settle. Carvana [CVNA] - Last Close: $7.20 Carvana is heating up after releasing upbeat quarterly results. The used car seller beat consensus targets for earnings & revenues on its Q1 report, and set unexpectedly strong guidance for Q2. Carvana's Q1 quarterly loss narrowed to $(1.51) per share and topped the Street's $(2.00) target. Revenues fell 25.48% YoY to $2.61 billion in the quarter, but Carvana's top-line figure was good enough to top the consensus estimate of $2.60 billion. The company also said it expects to record a profit in the second quarter after slashing inventory and expenses to achieve positive cash flow. CVNA is one of this morning's top movers with a 43.8% premarket gain. My Take: Carvana has had more than its fair share of issues in the past. Guidance is just guidance. CVNA will have to show me more than a good quarter to get me to start drinking their Kool-Aid. NANOBIOTIX [NBTX] - Last Close: $2.03 NANOBIOTIX just landed a powerful new partner. The clinical-stage biotech said it's entering final negotiations with a "global pharmaceutical company" to develop & commercialize NBTXR3. NANOBIOTIX said the potential arrangement would be subject to negotiation & execution of a definitive agreement with terms approved by both companies. The company also added that it won't make any additional statements regarding negotiations until "it's appropriate to do so" or a final deal is signed. NBTX is this morning's top premarket mover with a 96.0% gian. My Take: This rally put NBTX up against a key resistance point at $4 per share. It could have trouble breaking past that point, so this trade's upside could be limited in the short-term. Galmed Pharmaceuticals [GLMD] - Last Close: $0.2998 News of a new investment is boosting shares of Galmed Pharma. Late Thursday, the pharma firm announced it has agreed to invest $1.5 million in OnKai Inc., a U.S.-based AI technology company. OnKai is developing an AI-based platform to advance healthcare for underserved populations and "facilitate alignment between healthcare stakeholders." Under the terms of the agreement, Galmed will end up with a 18% stake in the company after its investment in series seed preferred shares. Galmed will also provide finance, business development, planning and other service to OnKai under a service agreement with its R&D subsidiary. GLMD is a top premarket performer with a 41.5% gain following the news. My Take: The market is hyped about AI, so this investment is getting investors excited. However, whether it will pay off or not remains to be seen, and GLMD's chart has few - if any - redeeming qualities. 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. 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