Futures dip on weak data out of China 📉

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Wednesday, May 31st. I hope you have a great day in the market. Now, let's get ready to trade! Markets 📈 U.S. benchmarks closed Tuesday with mixed results. The Dow edged 0.1% lower, while the S&P 500 closed flat. The Nasdaq led with a 0.3% gain, and the small-cap Russell 2K fell 0.3%. Index futures are in the red in early-morning trading today. Dow and S&P 500 contracts are both down 0.2%. Sponsored [This AI Stock Could Be Bigger Than NVIDIA]( The AI market stands at $160 billion in 2023. Estimates are the AI market will grow 20-fold to $1.8 TRILLION by 2030. One little-known company is looking to win big with a new network technology no one else has. And share prices could skyrocket very soon. [Find Out How Investors Can Benefit in the AI Technology Race]( Premarket Highlights 🔎 🚨 China's Economy Flashes Warning Sign Economic data for May showed a notable contraction in Chinese factory activity and slowing services activity, dashing investors' hopes that the world's second-largest economy would rebound quickly after reopening from its years-long pandemic lockdown. China's slow start could have a significant impact on global growth in 2023 and beyond. The news soured investor sentiment and sent U.S. index futures lower in today's premarket. What to Watch Today 👀 Debt Ceiling Progress Policymakers are rushing to finalize a debt ceiling agreement before the June 5th deadline, but the deal is facing opposition from both Republican and Democrat lawmakers. However, the bill cleared a key hurdle when it passed the House Rules Committee on Tuesday, but it could still face procedural obstacles. If the bill isn't passed in time, I expect to see a notable shock in the market. Major Earnings 💰 Crowdstrike Holdings, Inc. [CRWD] ... AM Donaldson Company, Inc. [DCI] ... AM Advance Auto Parts Inc. [AAP] ... AM Capri Holdings Limited [CPRI] ... AM Salesforce, Inc. [CRM] ... PM Veeva Systems Inc. [VEEV] ... PM Netapp, Inc. [NTAP] ... PM Okta, Inc. [OKTA] ... PM Chewy, Inc. [CHWY] ... PM Pvh Corp. [PVH] ... PM Economy 🏗 - ADP employment [May] ... 8:15a - Chicago Business Barometer [May] ... 9:45a - Job openings [Apr] ... 10:00a Running Hot 🔥 Gainers - Wang Lee Group [WLGS] >> +46.0% - Viq Solutions [VQS] >> +50.7% - Senmiao Tech [AIHS] >> +15.6% - Benitec Bio [BNTC] >> +15.3% Decliners - Belite Bio [BLTE] >> (37.5%) - Biodexa Pharma [BDRX] >> (32.0%) - Bellicum Pharma [BLCM] >> (28.3%) - Tradeweb Markets [TW] >> (12.7%) LL Flooring [LL] - Last Close: $4.14 LL Flooring has received a non-binding acquisition proposal. The offer came in late Tuesday from F9 Brands unit Cabinets To Go, and it proposes to acquire the flooring firm for $5.76 per share. The bid represents a 39% premium to LL's Tuesday closing price. LL Flooring said its board would review the proposal carefully to determine the best path forward for shareholders. LL is up 19.5% on the news. My Take: There's still some potential upside left in this deal, so keep an eye on LL today ahead. Marker Therapeutics [MRKR] - Last Close: $1.33 Marker Therapeutics is running hot after a clinical update. The company said it believes MT-601 may result in durable responses in lymphoma cells due to its ability to target multiple antigens. Data from a TACTAL study showed the drug recognize cancer cells using up to five antigens and continue to kill even when the cancer cells morph. The promising clinical data rallied MRKR to a 23.3% gain in today's premarket. My Take: MRKR appears to be making a comeback after bottoming out in April, and this news can only hope. This tiny stock will be volatile, but it could have significant upside if this drug makes it to market. Vistagen [VTGN] - Last Close: $0.1339 Vistagen is moving higher after an announcement. After Tuesday's close, the biopharma firm said it will share new clinical data from a Phase 3 study of fasedienol (PH94B) at an upcoming conference. Vistagen will present safety and exploratory efficacy data from an open-label Phase 3 study of fasedienol nasal spray in adults with social anxiety disorder. The company will present the data today at 11:15 a.m. ET at the American Society for Clinical Psychopharmacology 2023 annual meeting in Miami. Shares of VTGN are up 49.1% in anticipation of the upcoming clinical data release. My Take: VTGN's announcement is sure to drive extra volatility in this stock today, and it could open the door to many potential opportunities. Trevena [TRVN] - Last Close: $1.16 News of a big cash windfall is lifting shares of Trevena. This morning, the biopharma firm reported the receipt of a $3 million milestone payment as a result of the Chinese approval of OLINVYK® (oliceridine) injection. The payment came from Jiangsu Nhwa Pharmaceutical Co., holder of an exclusive license to develop, manufacture, and commercialize OLINVYK in China. Trevena can also receive $15 million non-dilutive financing from R-Bridge upon the first commercial sale in China, which is expected to occur in Q3. TRVN is up 22.4% on news of the milestone payment. My Take: TRVN could be on track to receive more milestone payments from OLINVYK, which could result in more rally catalysts for the stock. 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! 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