Stocks stay hot in Thursday's premarket 🔥

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Thursday, August 24th. I hope you have a great trading session. Now, let's get ready to trade! Markets 📈 The Nasdaq led a broad rally in U.S. stocks in on Wednesday with a 1.5% gain, while the S&P 500 added 1.5%. The Dow closed a half-point higher, and the Russell 2K rallied 1.0%. Index futures are mixed in early premarket trading. DJIA contracts are down by 0.1%, but S&P 500 futures are up by nearly 0.6%. Sponsored [Shocking Loophole with REAL INCOME Potential 💰]( Thanks to a little–known IRS loophole… Regular Americans can collect up to $28,544 in payouts from “Amazon's secret royalty program”… See how to collect the next payout before the strict cutoff deadline. [Start Collecting Royalties Now]( Premarket Highlights 🔎 📈 NVIDIA's AI Boom Has Legs Chip giant and Wall Street AI darling NVIDIA [NVDA] released its fiscal Q2 results after yesterday's closing bell, and the numbers were nothing short of impressive. The company saw huge increases in revenues from several key business units, including data center. The strong performance tells investors that the AI boom is meeting and exceeding expectations. What to Watch Today 👀 Ulta Earnings Makeup retailer Ulta will release its results after the closing bell, and this report could provide investors with valuable insights into the state of the U.S. consumer. Disappointing reports from Macy's and Best Buy sparked concerns about the possibility of slowing consumer spending in the U.S., and it will be interesting to see if Ulta experienced a similar slowdown. If Ulta's report falls short of expectations, it could signal a major shift is the U.S. consumer's spending habits. Major Earnings 💰 Netease, Inc. [NTES] ... AM Dollar Tree [DLTR] ... AM Burlington Stores [BURL] ... AM Futu Holdings Limited [FUTU] ... AM Frontline PLC [FRO] ... AM Intuit Inc. [INTU] ... PM Workday, Inc. [WDAY] ... PM Ulta Beauty, Inc. [ULTA] ... PM Affirm Holdings, Inc. [AFRM] ... PM The Gap, Inc. GPS] ... PM Economy 🏗 - Initial jobless claims [Aug] ... 8:30a - Durable-goods orders [Jul] ... 8:30a - Durable-goods minus transportation [Jul] ... 8:30a Running Hot 🔥 Gainers - Lion Group [LGHL] >> +18.7% - Esports Entertainment [GMBL] >> +28.7% - Marygold Compnaies [MGLD] >> +22.6% - PARTS iD [ID] >> +21.0% Decliners - Societal CDMO [SCTL] >> (25.9%) - Orbital Infrastructure [OIG] >> (26.9%) - Graphex [GRFX] >> (14.1%) - Petco Health & Wellness [WOOF] >> (14.5%) NVIDIA Corp. [NVDA] - Last Close: $471.16 NVIDIA is cruising after its Wednesday evening earnings report. The chip giant's fiscal Q2 results showed massive spikes in revenues that surpassed Wall Street's targets by a wide margin. NVIDIA generated EPS of $2.70 on revenues of $13.51 billion, crushing the consensus of $2.07 EPS on $11.04 billion in revenues. The company also reported record-breaking data center revenue of $10.32 billion, which was up more than 171% from a year ago. NVDA is leading the S&P 500 with an 8.6% gain in today's premarket. My Take: NVDA looks unstoppable right now. This stock's red-hot run is giving me flashbacks of FANG stocks in 2018. I'm not sure how much this rabbit can run, but it's not showing any signs that it's losing steam. Guess Inc [GES] - Last Close: $18.31 A strong earnings report is rallying shares of Guess today. The apparel company reported its fiscal Q2 report early this morning, and investors are cheering the results. Guess generated EPS of $0.72 per share, nearly doubling from last year's $0.39 figure, and crushed the Street's consensus of $0.40. Revenues of $664.5 million were also up from last year and easily beat analysts' $640.5 million estimate. Guess also raised its fiscal 2024 guidance in response to the strong quarter, and maintained its quarterly dividend. GES is up 16.4% in today's premarket. My Take: GES had a strong quarter for itself and this stock looks like a great value. It's currently trading at a 9.7 P/E ratio, pays a respectable dividend, and its revenues are growing. I'm keeping my eye on this one. Bruush Oral Care [BRSH] - Last Close: $1.73 Bruush Oral Care is bouncing back after a dramatic sell-off. The oral care manufacturer plummeted 50.1% on Wednesday, despite no major news to explain the mover lower. As of July 31st, the stock's short ratio stood at 95.4%, and I imagine it's gone higher over the past few weeks. However, it appears the bulls are taking control of this trade in today's premarket. Shares are soaring in what could be an epic short squeeze. BRSH is one of today's top premarket movers with a 64.1% gain. My Take: I'm not sure what's going on with BRSH, but it appears a stand-off between the bulls and bears is developing. We'll see who comes out on top but, either way, I am not optimistic about BRSH's long-term performance. Foxo Technologies [FOXO] - Last Close: $0.1299 Foxo Technologies just landed a major Smart Money investment. After Wednesday's close, the company announced the signing of separate stock purchase agreements with three accredited investors on Aug. 23rd. Under the terms of the deal, Foxo will issue and sell up to 3.7 million shares via a private placement to fulfill the agreement. The news came just a day after the stock set a new 52-week low of $0.1238 per share. FOXO is up 18.9% on news of the much-needed cash injection. My Take: These investments will extend FOXO's lifeline, but it will be difficult for the company to come back from its current predicament. That's it for today! Thanks for reading, and good luck out there! 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