Stocks aim to rebound from Wednesday losses 🚀

Futures are looking up in early trading as stocks seek to recapture their lost ground from yesterday's pullback...

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 turned south on Wednesday after the Fed held rates steady at its January meeting. Small-caps and tech stocks led the sell-off.

  • S&P 500 [+1.6%]

  • Dow [+0.8%]

  • Nasdaq [-2.2%]

  • Russell 2K [-2.4%]

Today, futures are edging higher in the premarket. S&P 500 contracts are currently up by 0.4%.

What to Watch Today:
Several notable tech stocks will release their latest quarterly numbers after the closing bell, including Apple, Facebook, and Amazon.

Although they won’t impact today’s trading session, these reports will likely set the tone for tomorrow’s premarket.

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Premarket Highlights 🔎

📉 Stocks Notch Monthly Gains Despite Weak Finish

Wednesday's market took a downward turn after Fed Chair Jerome Powell hinted that a March interest-rate cut might not be in the cards.

Despite this disappointment, major indexes still wrapped up their third consecutive month of gains.

📊 January's Mixed Signals: 
Throughout January, the stock market oscillated between optimism about the U.S. economy and wariness over the Fed's future monetary policies.

The month concluded with a lean towards caution, largely influenced by the prospect of prolonged high interest rates.

The S&P 500 saw a 1.6% drop - its biggest one-day percentage fall since September.

The tech-heavy Nasdaq Composite tumbled by 2.2%, affected by losses in each of the 'Magnificent Seven' tech giants.

Meanwhile, the Dow Jones also retreated by 0.8%, shedding around 317 points.

📈 Monthly Overview: 
Despite the day's losses, January's overall performance remained positive.

The S&P 500 led with a 1.6% increase, followed by the Dow with a 1.2% gain.

The Nasdaq, weighed down by declines in major players like Tesla and Apple, edged higher by around 1% for the month.

🐂 Optimistic Outlook
The strong start to the year is a good sign for stocks. Progress has been slow, but the first hint that an interest rate cut is within reach could trigger a significant upward move.

If the pullback continues, it could develop into a ‘buy the dip’ opportunity.

Featured Earnings 💰️ 

  • Merck & Company [MRK] ... AM

  • Honeywell International [HON] ... AM

  • Eaton [ETN] ... AM

  • Illinois Tool Works [ITW] ... AM

  • Altria Group [MO] ... AM

  • Becton, Dickinson And Company [BDXD] ... AM

  • Apple [AAPL] ... PM

  • Amazon.com [AMZN] ... PM

  • Meta Platforms [META] ... PM

  • Atlassian [TEAM] ... PM

Economy 🏗

  • Initial jobless claims [Jan] ... 8:30a

  • U.S. productivity [Q4] ... 8:30a

  • S&P U.S. manufacturing PMI (final) [Jan] ... 9:45a

  • ISM manufacturing [Jan] ... 10:00a

  • U.S. auto sales [Jan] ... TBA

Running Hot 🔥

Gainers
  • Eleval Labs [ELAB] >> +57.3%

  • Cimpress [CMPR] >> +19.6%

  • Jeff Brands [JFBR] >> +18.4%

Decliners
  • Revelation Bio [REVB] >> (60.4%)

  • InfoBird [IFBD] >> (31.0%)

  • Volcon [VLC] >> (24.4%)

Align Technology [ALGN] - Last Close: $267.32

This morning, the orthodontics tech company reported a double-line beat on its Q4 earnings report and hiked its full-year outlook.

Align Tech generated EPS of $2.42 on revenues of $956.7 million in Q4, crushing the consensus of $2.18 EPS on $933.7 million revenues.

The company also posted revenue guidance that outpaced the Street’s expectations.

ALGN is leading the S&P 500 with a 15.9% gain on roughly 25K shares traded in the premarket thus far.

My Take: ALGN has been trading sideways since mid-December, but this rally could help it break into a new trading range.

Fibrobiologics [FBLG] - Last Close: $29.10

This tiny biotech went public on the Nasdaq via a direct listing on Wednesday, and shares are soaring in the premarket.

Fibrobiologics reportedly priced its IPO at $8 per share, but the stock closed at $29.10, representing a substantial run up.

Today, shares are soaring ahead of their first full day of trading. FBLG is up 37.9% on 35K shares traded as of writing.

My Take: FBLG is getting a big boost from its IPO, but it’s too early to say whether this rally is a flash in the pan.

Plug Power [PLUG] - Last Close: $4.45

This company just announced the completion of its first customer fill of liquid green hydrogen gas in an early-morning press release.

Plug said it the milestone occurred at its plant in Georgia just one week after launching production at the site.

The Plug cryogenic trailer can hold enough liquid hydrogen to power 3,216 forklifts per day, and it will service Walmart, Amazon, and Home Depot sites.

PLUG is up 14.3% on more than 7.5 million shares traded.

My Take: This is a major milestone for PLUG that could bring it back closer to its 52-week high. I am kinda bullish on this small-cap.

Kiora Pharmaceuticals [KPRX] - Last Close: $0.5524

Kiora has granted Thea Open Innovation a license to develop and commercialize its KIO-301 molecular photoswitch to treat retinal diseases.

Under the terms of the deal, Thea pay $16 million upfront, in addition to milestone payments that could be worth $285 million.

Thea says it will pursue regulatory approvals in all global regions, except Asia.

KPRX is a top mover with a 39.5% gain on nearly 14 million shares traded.

My Take: KPRX has been very volatile over the past few weeks, and I’m not confident the stock can maintain these gains for very long.

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

Best Regards,

— Chris D.
Elite Trade Club

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