Futures dip ahead of big day for earnings 📉

S&P 500 contracts are treading water in the premarket, but today's earnings calendar could set the tone for the trading session...

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 opened the trading week with a positive performance on Monday. The Nasdaq and Russell 2K rallied, while the S&P 500 and Dow edged higher.

  • S&P 500 [+0.7%]

  • Dow [+0.5%]

  • Nasdaq [+1.1%]

  • Russell 2K [+1.6%]

Futures are down in early premarket trading. S&P 500 contracts are sitting around a 0.2% loss at the moment.

What to Watch Today:
The biggest item on today’s docket is earnings, with reports coming from Microsoft, Pfizer, Advanced Micro Devices, and other noteworthy names.

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Premarket Highlights 🔎

🌍 World’s Largest Fund Added 16% in 2023 🚀

Norway's sovereign wealth fund, under the leadership of Nicolai Tangen, delivered a striking 16% return in 2023, marking its third-best performance year.

💰 Milestone: 
Norges Bank Investment Management, the world’s largest single-stock investor, reported that the fund's value soared to a staggering 15.7 trillion kroner, roughly $1.5 trillion, by the end of the year.

📈 Stocks in Charge: 
The fund’s stock holdings were the stars of the show, yielding a robust 21% return.

Bonds also contributed positively with a 6.1% return, though gains were tempered by a downturn in real estate investments, which dipped by 12%.

🛠 Unique Strategy: 
Setting itself apart from other sovereign funds, Norway's wealth fund primarily focuses on stocks and bonds, with a minor 2% allocation in other assets like real estate and renewable-energy infrastructure.

🛢 Fueled by Oil Profits: 
The fund, a byproduct of Norway's lucrative oil industry, translates to an extraordinary $275,000 for each of the country's 5.5 million residents, symbolizing the nation's prosperous investment strategy.

Featured Earnings 💲

  • Danaher [DHR] ... AM

  • Pfizer [PFE] ... AM

  • United Parcel Service [UPS] ... AM

  • Microsoft [MSFT] ... PM

  • Alphabet Class C [GOOG] ... PM

  • AMD [AMD] ... PM

  • Stryker [SYK] ... PM

  • Starbucks [SBUX] ... PM

  • Mondelez International [MDLZ] ... PM

  • Chubb Limited [CB] ... PM

Economy 🏗

  • S&P Case-Schiller home price index (20 cities) [Nov] ... 9:00a

  • Job openings [Dec] ... 10:00a

  • Consumer confidence [Jan] ... 10:00a

Running Hot 🔥

  • Agape ATP [ATPC] >> +100.0%

  • Inspire Veterinary [IVP] >> + 27.9%

  • Petros Pharma [PTPI] >> +13.1%

  • Sidus Space [SIDU] >> (44.8%)

  • Sixty Degree Pharma [SXTP] >> (30.7%)

  • OneMedNet [ONMD] >> (24.0%)

General Motors [GM] - Last Close: $35.39

America’s largest carmaker is surging after as strong quarterly earnings release in today’s premarket.

GM reported EPS of $2.12 per share for Q4, crushing the Street’s $1.14 estimate. Sales of $43.11 billion also topped the $39.47 billion consensus.

The automaker’s full-year 2024 outlook also beat analysts’ expectations by a significant margin.

GM is leading the S&P 500 with a 7.7% gain on nearly a million shares traded.

My Take: GM is having a strong year after a punishing end to 2023. This could be a sign that American automakers could be headed for a resurgence in 2024.

Iterum Therapeutics [ITRM] - Last Close: $1.79

This tiny biotech reported positive topline results from a Phase 3 REASSURE trial of oral sulopenem in uncomplicated urinary tract infections.

Iterum said it plans to submit a new drug application in Q2 2024 in light of the positive clinical results.

ITRM is up 63.7% on 6.5 million shares traded in the aftermath of its promising clinical data release.

My Take: ITRM could get this drug approved in 2024, but the good news may be mostly priced into the stock after today’s big rally.

Agrify [AGFY] - Last Close: $0.5058

A pair of Form 4 filings published after Monday’s closing bell showed two noteworthy insider buys at third ag-tech stock.

Director Jenny Chan disclosed the acquisition of more than 1.3 million shares of AGFY on Jan. 25th.

A second filing from Chairman & CEO Raymond Chan disclosed he acquired a similar amount of shares on the same date.

Refinitiv/Verus also upgraded AGFY from “sell” to “hold” after yesterday’s closing bell.

AGFY is up 53.4% on nearly 14 million shares traded.

My Take: The AGFY insider acquisitions came from the exercising of convertible notes, but the market is still taking it as a positive. However, this micro-float stock has a market cap of just $860K, so expect volatility.

C3is [CISS] - Last Close: $0.1351

A pair of Form SC 13G filings published after Monday’s closing bell revealed two institutional investors have built substantial positions in this tiny stock.

SHN Financial Investments has acquired a 1.4 million shares, equivalent to a 9.1% ownership stake.

L1 Capital Global Opportunities Master Fund disclosed it had acquired 1.5 million shares of CISS, equalling a 9.8% stake.

CISS is up 22.8% on over 30 million shares traded.

My Take: CISS was trading for over 60 cents per share a few weeks ago, and it has experienced a huge volume spike over the past few trading days, so it could be worth keeping an eye on.

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

Best Regards,

— Chris D.
Elite Trade Club

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