Big Tech earnings boom rallies futures 🚀

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 📈

The S&P 500 and Nasdaq snapped a three-day win streak on Thursday after taking fractional losses for the trading session.

Futures are ticking higher in early trading. S&P 500 contracts are on course for a higher open with a 0.7% gain.

What to Watch Today:
The latest update on the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, will drop at 8:30 am, and it’s likely to significantly influence today’s trading session.

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Premarket Highlights 🔎

💰 March PCE Inflation Report: Critical for Interest Rates

The Federal Reserve’s preferred inflation measure, the personal-consumption expenditures (PCE) price index, is set to release at 8:30 a.m. ET today. This release is keenly awaited by investors, given the recent sequence of unexpectedly high inflation figures that have stirred doubts about the Fed's ability to lower interest rates within the year.

Trends & Expectations 📈 
Thursday’s preliminary data already hinted at stronger inflation pressures, with core PCE—which excludes the often volatile food and energy prices—rising at an annualized rate of 3.7% in the last quarter, well above expectations. Year-over-year, core PCE increased by 2.9%, suggesting that the upcoming March data might exceed prior forecasts or that earlier months' figures could be revised upwards.

Forecasts & Adjustments 🔍 
Before Thursday's reveal, the consensus among economists was a 2.6% year-over-year increase in the overall PCE index for March, with core PCE expected to rise by 2.7%. Monthly expectations were set at a 0.3% increase for both overall and core measures. However, the actual figures may need substantial revisions in light of recent developments.

Inflation & Rates 🎯 
The Fed's ongoing challenge is managing inflation to meet its 2% target. Persistent inflation above this benchmark complicates the path for potential rate cuts, a key tool for stimulating economic growth. The outcome of today's PCE report will be pivotal in shaping market expectations and the Fed's monetary policy moves going forward.

Market Impact 👀 
Given the high stakes associated with these inflation readings, today’s PCE report is expected to be a significant market mover. Investors will be scrutinizing the data for insights into inflation trends and potential adjustments in the Fed's rate strategy, with implications for investment portfolios and broader economic forecasts.

Featured Earnings 💰️ 

• Exxon Mobil [XOM] ... AM

• Chevron [CVX] ... AM

• AbbVie [ABBV] ... AM

• HCA Healthcare [HCA] ... AM

• Colgate-Palmolive [CL] ... AM

• Aon Plc [AON] ... AM

• Roper Technologies [ROP] ... AM

• Charter Communications [CHTR] ... AM

• Centene [CNC] ... AM

• LyondellBasell Industries Nv [LYB] ... AM

Economy 🏗

• Personal income (nominal) [Mar] ... 8:30a

• Consumer sentiment (final) [Apr] ... 10:00a

• PCE Index [Mar] … 8:30a

Gainers

• Tevogen Bio [TVGN] >> +75.2%

• Kintara [KTRA] >> +29.2%

• Bluejay Diagnostic [BJDX] >> +26.6%

Decliners

• Akso Health [AHG] >> (21.0%)

• Vincerx Pharma [VINC] >> (18.3%)

• Nortech [NSYS] >> (18.5%)

Alphabet Inc [GOOGL] - Last Close: $156.00

Alphabet is surging after making several bullish announcements and posting a double-line beat on its late Thursday earnings report.

The Google parent reported EPS of $1.89 on revenue of $67.59 billion, versus the consensus of $1.53 EPS on revenues of $66.07 billion.

Google also announced a new cash dividend of $0.20 and $70 billion share repurchase program.

GOOGL is up 11.7% on roughly 1 million shares traded this morning.

Snap [SNAP] - Last Close: $11.40

Social media stock SNAP is rallying after reporting stronger-than-expected earnings & revenues on its Q1 earnings report late Thursday.

Snap posted a surprise profit of $0.03 per share, topping the $(0.05) consensus. Revenues grew 20.88% YoY to $1.195 billion for the quarter.

SNAP is up 22.9% on over 1.5 million shares traded in the premarket.

Freight Technologies [FRGT] - Last Close: $0.9137

Freight Tech is riding a wave of momentum after posting upbeat Q1 financial results earlier this week.

The company said its Q1 revenues jumped 30% compared to last year and came in at $4.3 million for the quarter.

Freight said it also saw a 278% YoY increase in shipping volume through its Fr8Fleet app.

FRGT is up 35.6% on more than 8 million shares traded.

Pineapple Energy [PEGY] - Last Close: $0.0519

This tiny solar services stock is surging after the U.S. Environmental Protection Agency approved a $7 billion program to provide residential solar energy.

The program will be funded under provisions of the Inflation Reduction Act, and the EPA estimates it will provide solar for 900,000 low income households.

PEGY published a press release commenting on the EPA program yesterday, and shares are breaking out this morning.

PEGY is up 58.5% on over 87 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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