Futures dip ahead of ADP jobs data 📉

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Wednesday, August 2nd. I hope you have a great trading session. Let's get ready to trade! Markets 📈 The Dow squeaked out a 0.2% gain on Monday, but most U.S. indexes fell on the session. The S&P 500 lost 0.2%, while the Nasdaq and Russell 2K fell 0.4%. Today, S&P 500 futures contracts are down 0.4% in early trading, raising the likelihood of a lower open. Sponsored [The Options Market is ON FIRE! 🔥]( Trading stocks is great, but you could kick your profits into overdrive with options. This game-changing trading tool can deliver enormous gains in incredibly short amounts of time. And, it works in ANY kind of market. This FREE report will show you how to hit the ground running with the BEST beginner options trades. [>> Access the Full Report on the Next Page]( Premarket Highlights 🔎 👎🏻 Fitch Downgrades Credit Rating for U.S. Fitch Ratings downgraded the U.S. government's credit rating yesterday in response to soaring debts and political tensions in Washington. The company now has an AA rating for the U.S.; one notch below the highest-possible rating of AA+. What to Watch Today 👀 ADP Employment Today's ADP Employment report will give investors a sneak peek at Friday's July Jobs report. Economists expect the U.S. economy added 175,000 new jobs last month, according to median forecasts. However, any slow-downs in the job market could be viewed as a positive by investors, who are hoping a softening labor market will stave off additional rate hikes later this year. Major Earnings 💰 CVS Health Corporation [CVS] ... AM Humana Inc. [HUM] ... AM Emerson Electric Company [EMR] ... AM Qualcomm Incorporated [QCOM] ... PM Shopify Inc. [SHOP] ... PM Paypal Holdings, Inc. [PYPL] ... PM Equinix, Inc. Reit [EQIX] ... PM MercadoLibre, Inc. [MELI] ... PM Occidental Petroleum Corporation [OXY] ... PM McKesson Corporation [MCK] ... PM Economy 🏗 - ADP employment [Jul] ... 8:15a Running Hot 🔥 Gainers - Advanced Human Imgaging [AHI] >> +33.6% - Aeye [LIDR] >> +27.1% - Kubient [KBNT] >> +20.2% - Aurora Acquisition [AURC] >> +18.6% Decliners - Adamis Pharma [ADMP] >> (39.1%) - Aptevo Therapeutics [APVO] >> (34.6%) - Cambium Networks [CMBM] >> (30.9%) - Driven Brands [DRVN] >> (19.5%) Match Group [MTCH] - Last Close: $46.15 Match is trending after a strong earnings report. The online dating company published its Q2 results after Tuesday's closing bell, and the results exceed the Street's expectations. Match posted EPS of $0.48, marking a more than 4X increase from last year's Q2 total of $0.11 per share, and beat the consensus of $0.45. Revenues grew 4% YoY to $829.6 million and beat the consensus of $811.5 million. Match's Q3 revenues forecast also topped the Street's forecast. Shares of MTCH are leading the S&P 500 with a 10.4% gain. My Take: MTCH has been on a hot streak since bottoming out in May, but its valuation still looks pretty reasonable. Powell Industries [POWL] - Last Close: $61.29 Powell Industries' latest earnings report is boosting its shares today. The electrical engineering company posted is fiscal Q3 results after Tuesday's close, and investors liked what they saw. Powell reported EPS of $1.52 per share, topping the $0.66 consensus by a whopping 130.3%, and growing more than 100% from last year. Revenues grew 41.9% YoY to $192.37 million in the quarter and beat analysts' $170.71 million estimate by a margin of about 12.7%. POWL is a top performer in today's premarket with a 19.1% gain. My Take: VRT has been on an absolute tear since late April, but it recently hit some resistance at around $26.75 per share. This rally could help it break through that barrier. Vertiv Holdings [VRT] - Last Close: $26.53 Vertiv Holdings is also moving higher after an earnings beat. The digital infrastructure company reported its Q2 results early this morning, and the numbers are getting a warm reception in today's premarket. Vertiv's EPS more than quadrupled a year earlier and came in at $0.46 for the quarter. Analysts expected earnings of $0.29 per share. Revenues of $1.73 billion were up 23.5% from last year and also beat the $1.62 billion consensus. Vertiv also hiked its full-year earnings and revenues guidance to levels that surpassed analysts' estimates. VRT is one of this morning's top stocks, with a 24.3% gain. My Take: VRT has been on an absolute tear since late April, but it recently hit some resistance at around $26.75 per share. This rally could help it break through that barrier. Crown Electrokinetics [CRKN] - Last Close: $0.069 Crown Electrokinetics is trending after announcing a new offering. Yesterday, the micro-cap optical film company unveiled a shelf offering of up to 75 million shares of common stock from a certain selling shareholder. According to Crown's SEC filing, it could receive proceeds of up to $50 million from the sale of shares to the selling stockholder under the purchase agreement. On July 20th, Crown agreed to issue roughly 1.3 million shares of common stock to this selling shareholder in exchange for purchase commitments. CRKN is up 28.8%, and it's the most active stock in early premarket trading. My Take: I don't think the rally will have real legs. CRKN has a microscopic market cap of just $5.82 million, so this move could be the result of targeted market manipulation. 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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