Futures dips with Feb. Jobs on Deck🎢

Buckle up for a busy day, the February Jobs report will drop any minute.

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 stayed hot on Thursday after more dovish comments from Fed Chair Jerome Powell in his second day of Congressional testimony.

  • Dow [+0.3%]

  • S&P 500 [+1.0%]

  • Nasdaq [+1.5%]

  • Russell 2K [+0.8%]

Futures are edging lower in early trading. S&P 500 contracts are down by about 0.2%.

What to Watch Today:
The big item on today’s agenda is the February jobs report. Economists estimate that 198,000 jobs were added last month, but the ADP jobs report released earlier in the week showed private-sector employment fell short of consensus estimates. However, a miss might not be bad news for a market that’s clamoring for rate cuts.

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Premarket Highlights 🔎

📈 S&P 500 Touches New Highs

The S&P 500 soared to unprecedented heights, marking its 16th record high for the year, thanks largely to a significant uptick in big technology stocks. The index climbed by 1%, while the Nasdaq Composite, buoyed by its tech-centric composition, surged ahead with a 1.5% increase.

Meanwhile, the Dow Jones Industrial Average saw a modest rise of 130 points, or 0.3%, as the market's momentum continued to build.

🎙️ Rate Cut Rodeo 
Market dynamics this week have been heavily influenced by Federal Reserve Chair Jerome Powell's congressional testimony. On Thursday, Powell hinted at a possible pivot in the Fed's monetary policy, suggesting the central bank is nearing a position where it could reduce interest rates.

This statement reinvigorated hopes among investors and traders for an imminent policy shift.

📉 Reading the Yields
The financial markets reacted to Powell's remarks, as evidenced by the movement in Treasury yields. The yield on the 2-year Treasury note, which is particularly reactive to changes in interest rate forecasts, dipped to 4.512% from 4.56% the previous day.

Similarly, the 10-year Treasury note's yield decreased for the third straight session to 4.09%, reaching its lowest point since the beginning of February.

🔍 Awaiting the Jobs Report Anticipation is building for Friday's monthly jobs report, which promises to provide further clarity on the state of the economy and the Federal Reserve's potential direction in the coming months. This forthcoming data is critical as it could influence the Fed's timing and approach to adjusting interest rates.

🌟 Optimism Prevails 
The recent rally, which has propelled the S&P 500 up by 8.1% this year, reflects a bullish sentiment among investors, with many positioning for continued growth.

💡 AI Surge 
The resurgence in certain major technology stocks, especially those poised to capitalize on the burgeoning artificial intelligence sector, has been a key driver of the market's ascent.

Despite recent volatility, the promise of AI innovations continues to fuel investor enthusiasm and market gains, underscoring the tech sector's pivotal role in shaping market trajectories.

Featured Earnings 💰️ 

  • Eve Holding [EVEX] ... AM

  • America's Car-Mart [CRMT] ... AM

  • Genesco [GCO] ... AM

  • Silvercrest Asset Management Group [SAMG] ... AM

  • Lazydays Holdings [GORV] ... AM

  • The Dixie Group [DXYN] ... AM

  • Bio-Path Holdings [BPTH] ... AM

Economy 🏗

  • Employment Report [Feb] … 8:30a

Running Hot 🔥

  • Ainos [AIMD] >> +137.5%

  • Staffing 360 [STAF] >> +18.9%

  • CaliberCos [CWD] >> +18.6%

  • Amylyx Pharma [AMLX] >> (80.4%)

  • Scorpius Holdings [SCPX] >> (58.5%)

  • BigBearAI [BBAI] >> (19.9%)

Psyence Biomedical [PBM] - Last Close: $1.27

This tiny biotech is surging after its Australian subsidiary received approval from an ethics committee to initiate a Phase IIb study of psilocybin.

The study will evaluate psilocybin as a treatment for “Adjustment Disorder due to a recent cancer diagnosis in the palliative care context.”

PBM is up 131.4% on roughly 13.5 million shares traded.

My Take: PBM saw a major spike in trading volume over the past three days, so we could see this trend continue.

Mira Pharma [MIRA] - Last Close: $0.9499

In a Form 8-K update, Mira Pharma announced the discovery of a new molecule it has dubbed MIRA-55.

Mira inadvertently produced it while attempting to formulate MIRA1a, but later found the MIRA-55 variant offered improvements over its predecessor.

With the new data in mind, the company has decided to advance MIRA-55 as its lead compound for an oral marijuana drug candidate.

MIRA is up 57.6% on over 6 million shares traded.

My Take: MIRA was struggling prior to this news, so this drug will need to live up to the hype if it wants to pivot into a new positive trend.

CERo Therapeutics [CERO] - Last Close: $3.08

Is on our list for the second day in a row as shares continue to rally on new clinical data supporting CER-1236 as a treatment for acute myeloid leukemia.

Shares shot up by a ridiculous margin in yesterday’s premarket, but CERO settled into a 20.7% gain by the time the session closed.

However, the intraday correction may have been overdone because shares are taking off in the premarket.

CERO is up 57.1% on over 5 million shares traded.

My Take: CERO was up more than 600% in yesterday’s premarket, so I’m not surprised it pulled back. This rally looks a lot more realistic, given the circumstances.

Gulf Island Fabrication [GIFI] - Last Close: $5.18

This niche manufacturing stock is rallying after the company published its Q4 and full-year 2023 results in Thursday’s aftermarket.

Gulf Island’s Q4 revenues jumped 16.8% compared to the year-earlier quarter, and the company generated earnings of $0.43 per share.

The company also said that it expects to exit Q1 with a cash balance “approaching $60 million.”

GIFI is a top mover with a 30.3% gain, but volume is thin at roughly 40K shares traded.

My Take: GIFI has been attracting some positive sentiment as of late. Volume has also been trending above average in recent days. It could be worth watching this one.

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

Best Regards,

— Chris D.
Elite Trade Club

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