Stocks rally after Fed holds rates 📈

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Thursday, November 2nd. I hope you have a great day in the market. Now, let's get ready to trade! Markets 📈 Stocks rallied on Wednesday after the Fed announced it would hold interest rates steady this month. The Nasdaq led the way with a 1.6% advance, while the S&P 500 added 1.0%. The Dow underperformed with a 0.6% gain, and the small-cap Russell 2K added 0.4%. This morning, futures are up again in early trading. S&P 500 contracts are up 0.5% ahead of the opening bell. Sponsored [Buffett's Billion-Dollar Miss?]( A small-cap company found an exceptionally rich 24,000 acre plot of land, boasting more than 37 square miles of resources and opportunities. On top of having resources worth billions, this company has unbelievably low processing costs. With such high margins, prices could suddenly drop 50%, and they would still profit! This up-and-coming stock could be the next big winner to come out of this space, so don't wait. [Get the Details Here and Make Your Move Before It's Too Late]( Premarket Highlights 🔎 🏛 Fed Holds Rates Steady Yesterday, the Federal Reserve's Open Markets Committee held its monthly two-day meeting, and central bankers once again decided to hold interest rates steady. More Hikes Still Possible 😱 However, Chairman Jerome Powell left the door open to another hike before the end of the year, if needed. As usual, he emphasized that the Fed will react to market conditions accordingly, so any unexpected hiccups could complicate the central bank's decisions in coming months. The Bottom Line 🎯 Inflation remains a little too high for the Fed's comfort. Unless we see the inflation rate suddenly fall, I think you can forget about rate cuts until at least next year. The Fed seems perfectly content to sit in wait-and-see mode until the economy sorts itself out. What to Watch Today 👀 Jobless Claims With the Fed meeting out of the way, investors are beginning to look forward to Friday's October jobs report. Today's weekly jobless claims update could also shed some light on the state of the job market. Yesterday's ADP employment report fell short of the median forecast, so prepare for the possibility of a disappointing report tomorrow, although I personally think we'll see good numbers. Major Earnings 💰 Eli Lilly And Company [LLY] ... AM ConocoPhillips [COP] ... AM S&P Global [SPGI]...AM Starbucks Corporation [SBUX]...AM The Cigna Group [CI]...AM Regeneron Pharmaceuticals [REGN]...AM Southern Company [SO]...AM Booking Holdings [BKNG]...PM Stryker Corporation [SYK]...PM Apple [AAPL] ... PM Economy 🏗 - Initial jobless claims [Oct]...8:30a - U.S. productivity [Q3]... 8:30a - Factory orders [Sept]...10:00a Running Hot 🔥 Gainers - Marpai [MRAI] >> +28.2% - Blue Star Foods [BSFC] >> +16.6% - Cellectis [CLLS] >> +18.5% Decliners - Confluent [CFLT] >> (33.4%) - Remitly Global [RELY] >> (22.1%) - Procore Technologies [PCOR] >> (20.2%) Clorox [CLX] - Last Close: $115.38 Clorox is rallying after its earnings report. The household products company reported its fiscal Q1 earnings after Wednesday's closing bell, and the results were mixed. Clorox's EPS declined 47% compared to last year and came in at $0.49 per share for the quarter. Revenues of $1.39 billion managed to top the Street's $1.31 billion estimate. Clorox also slashed its full-year revenue outlook, partially due to the cyberattack it announced last week. Citigroup upgraded the stock to "buy" and raised its price target to $150 in the wake of the quarterly report. CLX is leading the S&P 500 with an 11.4% gain. My Take: CLX has struggled in recent months, so this rally could be some exaggerated by its depressed price point. However, even at its current price, it has a very-pricey P/E of 98.39 OmniLit Acquisition Corp [OLIT] - Last Close: $10.14 OmniLit SPAC is getting a boost from a recent announcement. After yesterday's close, the SPAC disclosed that shareholders voted to approve its proposed business combination with Syntec Optics. The meeting took place on Oct. 31st, and more than 99.9% of shares voted to approve the measure, according to a company statement. Syntec Optics, headquartered in Rochester, NY, is one of the largest custom optics and photonics manufacturers in the United States. OLIT is up 56.9% on the news, and OLITU shares are up 44.4%. They're the top-2 gainers in today's premarket. My Take: OLIT is surging on this news, but somehow I dont think the market is so excited about Syntec Optics. I think this is more of a timing trade. I wouldn't be surprised if this pulled back within the next couple of days. JAKKS Pacific [JAKK] - Last Close: $17.06 Strong earnings are lifting shares of JAKKS Pacific. The toy-maker posted a double-line beat on its Q3 earnings report after Wednesday's closing bell. JAKKS generated EPS of $4.75 and easily beat the $3.43 consensus. Revenues of $309.74 million also crushed the Street's $283.34 million target. The company also announced a new long-term multi-brand agreement with Authentic Brands Group in Wednesday's aftermarket. Shares of JAKK are up 25.7% in the premarket. My Take: JAKK has suffered steady declines over the past couple of months, but so has much of the market. Volume is beginning to pick up, and this stock looks like it could be a great value, with a P/E ratio of just 2.08. LumiraDX [LMDX] - Last Close: $0.0818 LumiraDX is rebounding after a sell-off. The company suffered steep losses this week, after it revealed Nasdaq ruled it had failed to comply with the exchange's $1 minimum price bid requirement. LumiraDX said it would appeal Nasdaq's ruling, but shares suffered nonetheless. Yesterday, the company published a Form 6-K that announced the resignations of several C-suite executives, including the Chairman, CEO, CTO, and CSO. Shares initially sank on the news, falling 17.4% on Wednesday, but they're rebounding in today's premarket. LMDX is one of this morning's top gainers, with a 24.8% gain. My Take: LMDX is going to be extremely volatile thanks to its small float and the looming threat of being delisted from the Nasdaq. Volume has spiked in recent days, but don't hold your breath waiting for a breakout. That's it for today! Thanks for reading, and good luck out there! Best Regards, Chris D. -- Elite Trade Club P.S... 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