Can stocks stay hot on Wednesday? 🔥

Good Morning! 

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

Let’s get ready to trade!

Markets 📈

Stocks continued to run hot on Tuesday with another set of strong performances. The Nasdaq led with the S&P 500 following close behind.

This morning, futures are mixed, but S&P 500 contracts are up by 0.2% in early trading.

What to Watch Today:
Today’s session will feature another noteworthy selection of corporate earnings reports. Today, we’ll hear from AT&T, Boeing, General Dynamics, Met, and others. These reports will likely set the tone for the trading session, and they could even dictate which way the market goes at the open.

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Premarket Highlights 🔎

📈 Tech Stocks Lead Market Surge with Earnings on Deck

Tech stocks spearheaded a robust rally in the stock market on Tuesday, with the Nasdaq Composite leading the charge by jumping 1.6%. This marks a continuation of its recovery from a recent downturn, energizing markets for the second day in a row. The S&P 500 also saw a healthy increase of 1.2%, while the Dow Jones Industrial Average climbed 0.7%, adding approximately 264 points.

Earnings Boost 🚀
The upbeat mood among investors was fueled by strong earnings reports released before the market opened from major players such as General Motors, United Parcel Service, and GE Aerospace. Notably, GE Aerospace reported as an independent entity for the first time since its split from General Electric’s power division, catching investor attention with its performance.

Global Tensions 🌍 
The recent rally comes as a relief following a tumultuous period driven by geopolitical fears, notably concerns over potential escalations between Iran and Israel, rising oil prices, and increasing bond yields.

These factors had contributed to a sharp 5% fall in the S&P 500 in less than a month. However, with oil prices retreating from their peaks and Treasury yields finding some stability, investor sentiment has improved, reflecting a renewed optimism in the financial markets.

Looking Ahead 🧐 
As investors gear up for a series of critical earnings reports from leading tech companies, the current rally reflects broader market confidence in the tech sector's resilience and growth prospects.

The positive response to early earnings announcements and strategic moves by the tech sector suggests that the market may be on a path to sustained recovery, assuming global tensions do not escalate further and economic indicators remain stable.

Featured Earnings 💰️ 

• Thermo Fisher Scientific [TMO] ... AM

• AT&T [T] ... AM

• Boeing Company [BA] ... AM

• Boston Scientific [BSX] ... AM

• General Dynamics [GD] ... AM

• Meta Platforms [META] ... PM

• International Business Machines [IBM] ... PM

• ServiceNow [NOW] ... PM

• Lam Research [LRCX] ... PM

• Waste Management [WM] ... PM

Economy 🏗

• Durable-goods orders [Mar] ... 8:30a

• Durable-goods minus transportation [Mar] ... 8:30a

Gainers

• Chicken Soup [CSSE] >> +81.8%

• Zapata Computing [ZPTA] >> +15.4%

• WIMI Hologrm [WIMI] >> +20.0%

Decliners

• Evotec [EVO] >> (31.7%)

• Jayud Global Logistics [JYD] >> (16.7%)

• OncoCyte [OCX] >> (16.0%)

Tesla [TSLA] - Last Close: $144.68

This morning, Tesla announced it would roll out more affordable models in 2-25 and predicted a rise in sales this year.

The company also said its recently announced layoffs will cut its costs by $350 million, freeing up more resources to work on new models.

TSLA is leading the S&P 500 with a 12.0% gain on 4.5 million shares traded.

B Riley Financial [RILY] - Last Close: $21.72

B Riley is getting a boost after filing its 2023 annual report via a Form-10K disclosure early this morning.

Chairman and co-CEO Bryant Riley said the business has performed well in 2024 and slashed its overall debts by $55 million.

Despite reporting a net loss on the year, RILY is up 36.5% on over half-a-million shares traded this morning.

Amesite [AMST] - Last Close: $2.00

This tiny AI company just launched a beta release of its NurseMagic proprietary app designed specifically for nurses.

The new web app uses AI to provide tools & resources for over 5.2 million, plus accredited continuing education programs for license requirements.

AMST is up 68.3% on over 7 million shares traded.

BranchOut Food [BOF] - Last Close: $1.17

This morning, BranchOut Foods said it landed a third contract with the “nation’s largest retailer” for its dehydrated fruit and vegetable products.

The agreement brings the total annualized value of commitments from the unnamed retailer to $8 million annually.

BOF is up 62.2% on over 2 million shares traded in response to the news.

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

Best Regards,

— Chris D.
Elite Trade Club

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