What to watch at today's Fed meeting... 👀

The Federal Reserve FOMC will conclude its first meeting of 2024 today, followed by a Jerome Powell press conference...

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 📈

U.S. indexes edged lower on Tuesday, except for the Dow, which posted a small gain.

  • S&P 500 [<0.1%]

  • Dow [+0.3%]

  • Nasdaq [-0.7%]

  • Russell 2K [-0.7%]

Futures are mixed in early trading. Dow contracts are clinging to a thin gain, while S&P 500 futures are down by 0.4%.

What to Watch Today:
The Federal Reserve’s Open Markets Committee will announce its interest rate decision for January today, and the announcement will be followed by a press conference with Fed Chairman Jerome Powell.

High interest rates still rank among the most pressing economic issues for investors, so this event could shake up today’s trading session.

Uranium stocks have a history of generating huge returns for investors and making them exceptionally rich.

Now, another opportunity could be brewing in this promising sector that could send several stocks skyrocketing.

However, this low-priced uranium stock - trading around US$0.40 - could be the best way to play the book.

Premarket Highlights 🔎

🕒 Powell's Press Conference: What to Watch

All eyes are on Federal Reserve Chair Jerome Powell's news conference scheduled for 2:30 p.m., post the Fed's two-day policy meeting.

Without any economic or rate projections being released, Powell's words will be the focus, giving insights into the Fed's policy direction for the year.

🔮 The Market’s Expectations: 
Investors are playing a guessing game. According to the Fed funds futures market, investors put the odds of a march rate cut at 50%.

The big question is whether Powell will lean into these expectations or counter them.

🎙️ Official Perspectives: 
Fed officials like Christopher Waller have indicated there’s no urgency to lower rates. Waller's stance is about getting it right, emphasizing the solid state of the economy and the frequent Fed meetings as buffers for decision timing.

🕵️‍♂️ Powell's Approach: 
The Fed is in a position to gather more data on the economy and labor markets before the crucial March 20 decision, so many experts suspect Powell to keep his comments neutral.

The Waiting Game: 
With the Fed in no rush to commit, the coming weeks will be critical for understanding the direction of U.S. economic policy.

Powell's conference is set to be a fine balancing act of managing expectations without locking in a definitive path.

Featured Earnings 💲

  • Mastercard [MA] ... AM

  • Thermo Fisher Scientific [TMO] ... AM

  • Boeing [BA] ... AM

  • ADP [ADP] ... AM

  • Boston Scientific [BSX] ... AM

  • Phillips 66 [PSX] ... AM

  • Roper Technologies [ROP] ... AM

  • Qualcomm [QCOM] ... PM

  • MetLife [MET] ... PM

  • Aflac [AFL] ... PM

Economy 🏗

  • ADP employment [Jan] ... 8:15a

  • Employment cost index [Q4] ... 8:30a

  • Chicago Business Barometer (PMI) [Jan] ... 9:45a

Running Hot 🔥

  • SINTX Tech [SINT] >> +48.8%

  • Lytus Technologies [LYT] >> +32.3%

  • Ashford Hospitality [AHT] >> +33.3%

  • Remark [MARK] >> (38.1%)

  • NY Community Bank [NYCB] >> (32.7%)

  • Nuvve [NVVE] >> (33.4%)

Paramount Global [PARA] - Last Close: $13.68

Media entrepreneur Byron Allen has submitted a $30 billion dollar offer to acquire the entertainment company.

Bloomberg first broke the story, citing sources close to the matter, and Allen later confirmed the rumor in an email to Reuters.

No word on the specific payout-per-share, but PARA is spiking higher on the news. It’s up 13.2% on nearly 7 million shares traded.

My Take: PARA has been slowly downtrending since mid-2021, but maybe this deal can rescue beleagured investors and break into a new positive growth trend.

Guardion Health [GHSI] - Last Close: $5.15

This Houston-based healthcare firm has agreed to sell its Doctor’s Best business unit to a wholly-owned subsidiary of Kingdomway USA. 

The deal will pay a gross cash consideration of $17.2 million paid out in full upon closing, but it’s still subject to shareholder approval.

If approved, the companies expect to close the deal sometime in Q2.

GHSI is this morning’s top mover, with a 67.6% gain on 2.3 million shares traded.

My Take: GHSI is currently on pace to set a new 52 week high, but we could see a pullback to anNexi $8 support level once the hype fades.

NexImmune [NEXI] - Last Close: $14.73

An epic short squeeze continues to skyrocket this tiny biotech stock, despite lacking of an obvious catalyst for the move.

NexImmune has been a top performer for the past few days, and the short squeeze got so heated on Monday that trading was halted.

Share prices are up 184.3% over the past 5 days and showing no sign of slowing down anytime soon.

NEXI is up another 25.5% in today’s premarket, on nearly a million shares traded.

My Take: Trading volume is beginning to taper off in NEXI, so this short squeeze rally could be approaching its final act. Don’t get caught holding the bag on this one.

Trinity Bio ADR [TRIB] - Last Close: $0.4349

This tiny Irish biotech just signed a letter of intent with Bayer to launch a Continuous Glucose Monitoring device in China and India.

The LOI confirms both parties intend to “further explore an exclusive joint partnership between [the companies],” according to an early press release.

Trinity and Bayer will negotiate a definitive agreement under the framework established by the LOI in the coming months.

 TRIB is up 31.0% on more than 10 million shares traded in the premarket.

My Take: The LOI with Bayer could eventually blossom into a big deal, or even a buyout, for TRIB and its shareholders.

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

Best Regards,

— Chris D.
Elite Trade Club

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