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Fed Watch: Interest Rates on Deck 🚨
Premarket Report
Chris Dinello
December 13, 2023
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
I hope you have a great day in the market. Now, let's get ready to trade!
Markets 📈
Large-caps continued to march higher on Tuesday, while the small-cap Russell 2K took a small, fractional loss.
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Index futures are rising ahead of the open. S&P 500 contracts are currently up by 0.1%.
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Premarket Highlights 🔎
🛢️ Oil's Downward Trend: Prices Hit Six-Month Low
Benchmark oil prices are at a near six-month low as investors weigh a mix of global factors. The primary drivers? Growing worries about an economic slowdown and the anticipation of weaker energy demand in the coming year.
📉 Supply vs. OPEC's Efforts:
Strong oil outputs from the U.S. and Brazil are tipping the scales, even as some of the world's largest oil producers attempt to prop up prices.
🌍 Global Climate Commitments: The U.N. climate summit's landmark decision to move away from fossil fuels, while a significant long-term development, hasn't immediately jolted oil markets. This shift is expected to unfold over decades.
💹 Current Market Status:
Brent crude, the international benchmark, is staying relatively stable, hovering just over $73 a barrel, despite a 9% drop this month.
The U.S. benchmark, West Texas Intermediate, mirrors this trend, showing little change in recent trading.
As the Fed meeting looms and global economic indicators fluctuate, oil markets are navigating through a complex landscape of supply dynamics, geopolitical strategies, and evolving energy policies.
What to Watch Today 👀
Fed Decision
The Federal Reserve will announce its monthly interest rate policy decision at 2 p.m. Eastern today, and it’s sure to shake up the market. The market expects central bank policymakers to hold rates steady at their current level, but Chairman Jerome Powell’s post-announcement press conference is the wild card. Investors will be listening closely to Powell’s words and tone to determine where the Fed stands on the possibility of more rate hikes and even - God forbid - rate cuts in 2024.
Featured Earnings 💲
ABM Industries Incorporated [ABM] ... AM
Photronics [PLAP] ... AM
REV Group [REVG] ... AM
Cognyte Software Ltd [CGNT] ... AM
QuantaSing Group Limited [QSG] ... AM
Adobe [ADBE] ... PM
Nordson Corporation [NDSN] ... PM
Amtech Systems [ASYS] ... PM
Zedge [ZDGE] ... PM
Streamline Health Solutions [STM] ... PM
Economy 🏗
Producer price index [Nov] ... 8:30a
Core PPI [Nov] ... 8:30a
Federal Reserve Interest Rate Decision … 2p
Jerome Powell press conference … 2:30p
Running Hot 🔥
Gainers
Riskon Intl. [ROI] >> +36.6%
Innovative Intl. [IOAC] >> +31.2%
Rail Vision [RVSN] >> +18.3%
Decliners
TC BioPharm [TCBP] >> (21.4%)
Loop Media [LPTV] >> (16.7%)
Intchains ADR [ICG] >> (12.5%)
Vertex Pharma [VRTX] - Last Close: $357.73
The pharma giant said a Phase 2 study of VX-548 produced “significant” reductions in pain intensity in diabetic peripheral neuropathy patients.
Vertex said the study found the drug produced “"statistically significant and clinically meaningful reduction in the primary endpoint."
The drug was also well tolerated, with no serious adverse events reported.
Shares of VRTX are leading the S&P 500 with a 7.5% gain.
My Take: VRTX could find new price support at $375 per share if it can hold onto its premarket gains.
C4 Therapeutics [CCCC] - Last Close: $1.18
The tiny biotech said its CFT7455 drug candidate demonstrated “"promising signs of anti-myeloma and immunomodulatory activity" in a clinical trial.
C4 said the drug also showed promise when combined with dexamethasone, especially among previously treated patients.
The company plans to release full data from the ongoing phase 1 dose-escalation trial sometime next year.
CCCC is one of today’s top movers, with an 18.3% gain on 10.8 million shares traded in the premarket.
My Take: CCCC gained 98% on Tuesday after announcing a deal with Merck, and now this. Shares could find support at the $2.35 mark.
Shattuck Labs [STTK] - Last Close: $2.11
The tiny biotech just released a new bout of positive top-line data from a Phase 1A/B study of SL-172154 of Azacitidine in certain cancer patients.
Shattuck said the drug produced a 77% objective response rate and a an initial complete response rate of 64%.
Five out of eleven patients achieved stable disease with decreasing blast counts and peripheral blood count improvement, and their treatment is ongoing.
STTK is up 98.0% on 11.3 million shares traded on the news.
My Take: STTK has had difficulty breaking through $2.11 per share over the past couple of months, but it just blew well past that milestone. This tiny biotech could be worth watching.
Reshape Life Sciences [RSLS] - Last Close: $0.2510
FDA regulators have approved Reshape’s next-generation Lap-Band 2.0 FLEX product, according to a late Tuesday press release.
Reshape Life Sciences’ CEO said the FDA PMA supplement approval is a “historic event” for the company and called it a “key growth catalyst.”
News of the approval rocketed RSLS to a 57.3% gain, and it’s the most actively-traded stock in today’s premarket with 18.3 million shares traded.
My Take: RSLS’s chart is pretty rough, but it has begun to show some signs of life in recent weeks. This catalyst could give it the jolt it needs to start moving again, but this is a speculative opportunity, at best.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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