Get ready for the June jobs report 📈

Good Morning! 

It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.

I hope you had a great Fourth of July. Let’s get ready to trade!

Markets 📈

Stocks entered the holiday break on a positive note, with the Nasdaq and S&P 500 notching decent gains.

Futures are hovering close to flat in early trading. S&P 500 contracts are currently sitting even.

What to Watch Today:
The June jobs report will drop at 8:30 a.m. ET and it’s sure to have a major impact on the trading day. Plus, today will be the last day of trading before the weekend, so we could see significant volatility today as traders adjust their positions.

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Premarket Highlights 🔎

Friday’s Jobs Report Expected to Show Slowing Payroll Gains Amid Economic Concerns 📉

The June nonfarm payrolls report, due for release on Friday at 8:30 a.m. ET, is expected to show a slowdown in job gains, reflecting growing concerns about the broader economy. Economists surveyed by Dow Jones predict an increase of 200,000 jobs, down from the 272,000 added in May.

Current Labor Market Trends 💼
So far in 2024, payroll gains have totaled 1.24 million, averaging about 50,000 fewer jobs per month compared to the same period last year. Despite this, the overall pace of job gains remains solid by historical standards. However, underlying signs suggest that labor market conditions could be softening, potentially indicating broader economic weakness.

Nick Bunker, head of economic research at the Indeed Hiring Lab, noted the increased uncertainty in the economic landscape, particularly regarding the unemployment rate, which edged up to 4% in May, the highest level since January 2022.

Unemployment Concerns 📊
While a 4% unemployment rate would typically be seen as positive, the recent increase has raised some alarms. The May rate was 0.5 percentage points above its 12-month low of 3.5% in July 2023, nearing the threshold for the Sahm Rule, a recession indicator. This rule suggests that when the unemployment rate's three-month average rises by half a percentage point above its 12-month low, a recession is likely. Although there are few data signs indicating an imminent recession, the trend in rising unemployment is noteworthy.

Economic Growth and Inflation 📈
The economy has shown signs of slowing in the first half of 2024. First-quarter GDP growth was 1.4% annualized, with the Atlanta Federal Reserve tracking just 1.5% growth for the second quarter. Inflation concerns also persist, potentially delaying any interest rate cuts from the Federal Reserve.

Discrepancies in Employment Data 📉
One area of concern is the discrepancy between the nonfarm payroll count from the Bureau of Labor Statistics' establishment survey and the household survey used to calculate the unemployment rate. Over the past 12 months, the establishment survey shows a payroll increase of about 2.8 million, while the household count is up by just 376,000. Economists generally find the establishment survey more reliable due to its larger sample size, but the disparity has garnered attention.

Wage Growth and Hours Worked 💰
Market participants and economists will also closely watch metrics such as hours worked and average hourly earnings as indicators of inflation. The forecast is for a monthly paycheck gain of 0.3% and a 12-month increase of 3.9%. If this forecast holds, it will mark the first time since June 2021 that the annual wage increase is below 4%.

Overall, the upcoming jobs report is crucial, reflecting the current economic uncertainties and the potential implications for future growth and monetary policy.

Featured Earnings 💰️ 

• None.

Economy 🏗

• Jobs Report [Jun] … 8:30a

Gainers

• Mediwound [MDWD] >> +33.1%

• Sharps Tech [STSS] >> +18.0%

• NFT [MI] >> +15.1%

Decliners

• Adamas One [JEWL] >> (16.5%)

• Assure Holdings [IONM] >> (13.2%)

• Stronghold Digital [SDIG] >> (32.7%)

Koss [KOSS] - Last Close: $10.63

Roaring Kitty mania has stirred up a big rally in shares of KOSS, which had a short percentage of 7.99% as of Jun. 14th, according to Fidelity.

The micro-cap electronics stock is soaring as a result of online speculation regarding Roaring Kitty’s, AKA Keith Gill’s, next stock move.

A popular social media user made a convincing case the Kitty had dropped subtle hints during his last stream that indicate KOSS could be his next play.

The user also cited similarities between recent trading action in GameStop leading up to its big rallies earlier in the year.

KOSS is a top mover with a 32.8% gain on roughly 6 million shares traded.

Qualigen Therapeutics [QLGN] - Last Close: $0.1755

This tiny pharma stock is surging after locking in a major partnership earlier in the trading week.

On Monday, the company announced a new cooperation agreement with 22NW that avoided a potential proxy dispute by adding new board members.

Shares have been volatile in the wake of Monday’s news, but they’re breaking out this morning after a modest gain on Tuesday.

QLGN is up 60.2% on 28 million shares traded.

Singing Machine [MICS] - Last Close: $1.15

Singing Machine just announced the successful completion of a deal to acquire AI-focused logistics company SemiCab.

The deal was structured as an asset purchase/sale, with Singing Machine issuing 641K shares to SemiCab and assuming $2.6 million in debt.

Singing Machine also has the option to acquired SMCB Solutions Private Ltd. under the terms of the deal.

MICS is up 40.5% on roughly 7 million shares traded.

Zapp Electric Vehicles [ZAPP] - Last Close: $2.72

This tiny EV stock is soaring in what appears to be a major short squeeze.

Fidelity lists ZAPP at a 54.64% short percentage as of Jun. 14th, but share prices spiked suddenly midway through last month.

Shares have been trading the $2 to $2.50 range since the mid-June run-up, but the rally has kicked into overdrive this morning.

ZAPP is up 57.7% on over 10 million shares traded.

That's it for today! Thanks for reading, and good luck out there!

Best Regards,

— Chris D.
Elite Trade Club

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