Stocks surge as debt deal passes Senate 📈

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 June 2nd. I hope you have a great weekend. Now, let's get ready to trade! Markets 📈 Stocks rallied on Thursday after the U.S. House of Representatives voted to pass a contentious bill that would suspend the U.S. debt ceiling through 2025. The Nasdaq led with a 1.2% rally, with the S&P 500 trailing close behind with a 0.9% gain. The Dow underperformed with a 0.4% gain, and the Russell 2K rallied 1.0%. Today, stocks are on course to end the holiday-shortened trading week on a high note after the U.S. Senate voted to approve the debt ceiling deal. S&P 500 and Dow futures contracts are up 0.5% in early trading. Sponsored [A "Ground Floor" Opportunity with MASSIVE Potential 🚀]( Influencer marketing is taking over the internet, and one company could be uniquely position to capitalize on the sector's runaway growth. This company is on the threshold of a massive market opportunity, and now could be an ideal time to get in for cheap. Don't miss your chance to get in on the ground floor. [Get all the Details Here]( Premarket Highlights 🔎 🤝 Senate Passes Debt Ceiling Deal Late Thursday, the U.S. Senate passed the U.S. debt ceiling deal in a 63-36 vote across party lines. The bill now goes to Pres. Biden's desk to be signed into law. The legislation comes just in time to avoid a potential national default that could've occurred if the debt ceiling wasn't raised by June 5th. What to Watch Today 👀 May Employment Numbers The May jobs report drops at 8:30 a.m., and, now that the semi-annual debt ceiling "crisis" (all theater; never any real chance of a default) has passed, interest rates are the #1 concern on investors' minds again. Today's jobs data could influence what the Fed will decide at June's policy meeting. Fed officials are currently signalling a pause in June, followed by more hikes later in the year. However, any unexpected economic signals could derail their agenda. Major Earnings 💰 None Economy 🏗 - U.S. employment report [May] ... 8:30a Running Hot 🔥 Gainers - Yunji [YJ] >> +95.9% - Better Choice [BTTR] >> +27.2% - LAVA Therapeutics [LVTX] >> +25.3% - Powerbridge [PBTS] >> +18.2% Decliners - Kiora Pharma [KPRX] >> (36.9%) - SentinelOne [S] >> (36.3%) - Pagerduty [PD] >> (16.2%) - Oncorus [ONCR] >> (29.4%) MongoDB [MDB] - Last Close: $293.96 An upbeat earnings report sparked a big rally in shares of MongoDB. The cloud firm reported its fiscal Q1 results late Thursday, and the numbers beat the Street's expectations by a wide margin. MongoDB's Q1 adjusted EPS came to $0.56, more than double what it reported a year earlier, and crushed analysts' $0.19 estimate. Revenues of $368.3 million were up 29.0% from last year, also beating the consensus of $347 million. In light of the unexpectedly strong quarter, MongoDB raised its Q2 and full-year 2023 forecast. Shares of MDB are up 27.4% on the strong earnings report. My Take: Wow, what a quarter for MDB. Analysts expected a slowdown, but the company delivered huge growth. This rally could put MDB into a new trading range, with strong support at the $300 mark. Lululemon Athletica [LULU] - Last Close: $328.35 Lululemon is also surging after a strong earnings report. The bougie athletic apparel brand reported its fiscal Q1 report late Thursday, and the market is cheering the results. Lulu generated Q1 EPS of $2.28, up 54% from a year earlier, and topped the consensus of $1.98. Revenues grew 24% from last year to $2 billion. Analysts' expected a top-ling figure of $1.92 billion. Unsurprisingly, Lulu raised its full-year revenue & earnings guidance in response to the strong quarter. LULU is one of today's top movers with a 14.2% gain in the premarket. My Take: You wouldn't think today's economy is favorable for a firm that sells $200 yoga pants, but consumers are apparently still buying. Unfortunately, I think LULU will still face stiff resistance at $390, even after today's swing. U Power Ltd [UCAR] - Last Close: $7.59 U Power continues to run hot after a big rally on Thursday. The Chinese EV tech manufacturer announced a collaboration deal with Quantum Solutions Co., a Japanese EV maker, yesterday. Under the deal, the companies will collaborate on marketing, R&D, battery banks, EV charging and battery-swapping operations and services in Japan. The news sparked a 144% rally in shares of UCAR, but the gains didn't stop at the closing bell. UCAR is still running red hot with an 83.7% gain on elevated trading volume in today's premarket. My Take: UCAR just made its IPO in late April, but shares have been relatively steady since the stock's initial IPO pop. I expect a pullback at some point, and volatility is always a concern with China stocks, but there could be more gains ahead for UCAR. Connect Biopharma [CNTB] - Last Close: $1.11 Connect Bio is breaking out after a clinical update. The tiny biotech stock announced promising long-term data from a Phase 2 trial for icanbelimod, or CBP-307, in ulcerative colitis patients after Thursday's close. According to the data, 86% of patients completed the maintenance period, and 67% of them achieved clinical remission. Of the patients who achieved clinical remission, 80% sustained it through Week 48 of the study. The drug was also well-tolerated, and its safety profile remained consistent with earlier findings. CNTB is up 42.3% in today's premarket thanks to the clinical update. My Take: This rally could put CNTB into a new trading range, but we could see a bit of a pullback before it settles down. 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. I may earn a small commission from links placed inside of these emails. [Bots click here]( 1969 S. ALAFAYA TRAIL Orlando FL 32828 USA [Unsubscribe]( | [Change Subscriber Options](