Top 4 stocks to kick off 2024 🎊

Good Morning! 

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

First and foremost, a hearty Happy New Year from me and all of us here at Elite Trade Club. I hope 2024 is your best year in the market yet.

Now, let's get ready to trade!

Markets 📈

Stocks closed on 2023 on a down note by notching modest losses in the final trading day of the year.

At the moment, stocks are on pace to open the 2024 trading year lower. S&P 500 futures are down by a whopping 0.7% in early morning trading.

The Top Growth Stocks in Your Inbox

Growth stocks had another strong year in 2023, despite economic headwinds.

With the Fed hinting at rate cuts in 2024, it could be another huge year for the sector.

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Our Elite Growth Stocks picks had a strong finish to the year, and the future looks bright heading into 2024.

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Premarket Highlights 🔎

🌟 New Year Check-In: My Expectations for 2024

As we step into 2024, the financial world braces itself for a year of dynamic changes and potential opportunities in the stock market.

After a volatile 2023, investors and analysts alike are hoping for smooth sailing this year, but their hopes may be wishful thinking.

💡 Key Factors Influencing Market Predictions 
Several key factors are set to shape the stock market in 2024:

• Global Economic Recovery: The pace of global economic recovery post-pandemic remains a critical factor. Markets will closely watch for signs of sustained growth or potential setbacks.

• Interest Rate Trends: Central banks' interest rate policies, particularly those of the Federal Reserve, will be crucial. Any shifts in monetary policy could significantly impact market dynamics.

• Tech Sector Performance: Technology stocks, which have seen a tumultuous ride, will continue to be under the spotlight. Their performance could be a bellwether for broader market trends.

• Geopolitical Climate: Ongoing geopolitical tensions and their resolutions or escalations could sway investor confidence and market stability.

These are just a few of the trends on my radar as we enter the year. As we enter the New Year, I’m bullish, obviously, but I also understand that the market is facing significant economic and geopolitical risks.

Despite the uncertainty, I still believe the American stock market gives investors the best chance at a strong portfolio performance in 2024.

What to Watch Today 👀

New Year
The holidays are officially behind us, and it’s time to get back to work. Most of the Smart Money will be behind their desks this morning, so we should start to see heavier trading volume this week, although it could take a week or two for a complete return to normalcy.

Investor sentiment seems to have improved dramatically over the past few weeks, but stocks are currently on pace to open the year with a pullback. The coming weeks could be a crucial inflection point for the market.

Featured Earnings 💲

• None

Economy 🏗

• S&P final U.S. manufacturing PMI [Dec] ... 9:45a

• Construction spending [Nov] ... 10:00a

Gainers

• Chicken Soup for The Soul [CSSEL] >> +69.0%

• Riskon Intl. [ROI] >> +57.5%

• Cue Health [HLTH] >> +66.8%

Decliners

• Zoomcar [ZCAR] >> (65.1%)

• Corcept [CORT] >> (33.1%)

• China SXT Pharma [SXTC] >> (30.2%)

Marathon Digital [MARA] - Last Close: $23.49

Bitcoin miners are getting a boost from Bitcoin’s recent outperformance.

BTC prices are up more than 15% over the past month, with prices currently sitting just above the $45K mark, and prices are up 6%+ over the past five days.

MARA has gained 71.4% over the past month, despite suffering from a 16.4% pullback in the final trading day of 2023.

The stock is also highly shorted, but, right now, it looks like the bulls are eating their lunch.

MARA is up 12.8% on over 5 million shares traded this morning.

Voyager Therapeutics [VYGR] - Last Close: $8.44

This tiny pharma stock just landed a huge windfall in the form of a blockbuster gene therapy deal with Novartis [NVS].

Under the “strategic collaboration and capsid license agreement”, the companies will explore therapies for Huntington’s disease and spinal muscular atrophy.

The two companies will also collaborate to advance a “preclinical gen therapy candidate” for Huntington’s.

Financial details and other specifics weren’t disclosed in the release, but VYGR is a top mover with a 29.8% gain on 1.3 million in trading volume.

Signing Day Sports [SGN] - Last Close: $1.13

This student athlete scouting platform is rallying on news of a new collaboration with Elite Development Program, or EDP Soccer.

Under the collaboration, Signing Day will serve as EDP Soccer’s exclusive recruiting platform provider.

Financial details weren’t disclosed, but the deal could provide valuable exposure and attract new customers for the company.

SGN is up 31.8% on nearly 4 million shares traded.

NGM Biopharma [NGM] - Last Close: $0.859

This morning, the tiny biotech confirmed the receipt of an unsolicited non-binding “expression of interest” from private investment firms.

The group of suitors is being led by The Column Group, and they want to acquire all outstanding shares of NGM to facilitate a “take private” deal.

At the moment, Column and its partners own 26.7% of NGM Biopharma, and the company says it will form a special committee to review the offer.

No telling whether this deal will go through, but the market is bullish on the possibility. NGM is up 25.7% on nearly 2 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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