Dear Readers,

On Thursday, the S&P 500 saw minimal change, stabilizing after reaching a new record high the previous day as traders awaited an important U.S. economic update.

At 10:51 AM ET, the Dow was up 30.2813 points, or 0.078%, at $38837.61. The Nasdaq Composite added 20.86 points, or 0.1096%, at $19055.9106. The S&P 500 declined -2.0498 points, or -0.0383%, at $5351.98. Among the 11 major S&P 500 sectors, 7 showed positive movement, with Communication Services leading the way with a 0.82% increase.

Wall Street's focus shifts to the upcoming nonfarm payrolls report for May on Friday, where signs of a faltering labor market could lead to potential rate cuts by the Federal Reserve. Dow Jones analysts anticipate a job increase of 190,000.

This follows the European Central Bank's first rate cut since 2019 on Thursday, putting additional pressure on the Federal Reserve to relax what many consider overly strict policies. While the Fed is expected to maintain current rates at its next meeting, the likelihood of a rate reduction in September is gaining traction.

Top Movers: Under $10

Freight Technologies Inc (FRGT) is up 128.78% today to trade at the current level of $1.43. This comes after Freight Technologies, Inc. announced that it has on-boarded 26 new customers and 149 new carriers to its platform year-to-date.

Virax Biolabs Group Ltd (VRAX) zoomed 115.79% in today’s trade to $2.31, as the company drew Wall Street's attention amid a rising number of bird flu cases worldwide.

In current trading, American Oncology Network Inc (AONC) stock is at $3.60 following news that American Oncology Network announced the expansion of its radiation oncology services with the opening of Low Country Radiation in Waycross, Georgia.

WiSA Technologies Inc (WISA) rose 32.81% in the early hours of today's trading to move at $2.75. The strong performance of WISA stock came as investors were encouraged by news that it reported seeing continued penetration into the $296 billion wireless audio market fueled by interest in its WiSA E software.

In the current trading session, Aethlon Medical Inc (AEMD) jumped 36.32% to $0.60 over a previous close of $0.44. This surge in stock might have something to do with the news of a rising number of bird flu cases worldwide.

Ex-Dividends Stocks

Arthur J. Gallagher & Co. (AJG) is about to trade ex-dividend tomorrow, meaning that investors who buy the stock after tomorrow will not be eligible for the next dividend payment. The company's next dividend payment will be $0.6 per share. The company has fixed June 07 as the record date for the same and will pay the actual dividend on June 21. Last year, the company distributed a total of $1.70 to its shareholders. Based on the last year's worth of payments, AJG has a trailing yield of 0.67% on the current stock price of $253.09.

Another stock that is shelling out dividends tomorrow is First Financial Northwest Inc (FFNW), having a market capitalization of $192.57M. It will pay a dividend of $0.13 per share, the payment date of which is June 21. Currently, the stock is trading at a trailing dividend yield of 2.48%.

Shares of Blackrock Inc. (BLK) will be the talk of stock market on Friday as the stock will turn ex-dividend. The company's next dividend payment will be $5.1 per share, and in the last 12 months, the company paid a total of $20.10 per share. Last year's total dividend payments show that BLK has a trailing yield of 2.55% on the current share price of $788.88.

Tomorrow, General Motors Company (GM) is also set to go ex-dividend tomorrow. The next dividend payment from GM will amount to $0.12 per share. June 07 has been designated as the record date for this dividend, with the actual payout scheduled for June 20. In the previous year, GM distributed a total of $0.30 to its valued shareholders. Considering the cumulative dividend payments from last year, the trailing yield for GM stands at 0.66% based on the current stock price of $45.62.

C.H. Robinson Worldwide, Inc. (CHRW) will be paying out a dividend of $0.61 per share to shareholders holding their shares as of the close of the business hours on the record date of June 07. Over the past 12 months, CHRW has paid out a total of $1.83 per share in dividends. Based on the total dividends paid out last year, CHRW boasts an impressive trailing yield of 2.09% on the current share price of $87.64.

Crypto Market Highlights

• Investors have filed a civil claim against Hong Kong's JPEX seeking to recover over HK$1.85 million in the first lawsuit related to an alleged fraud case involving the exchange. The case, which resulted in 73 arrests, has prompted further calls for expedited investigations into the matter.

• According to a latest report, the global cryptocurrency ownership has surged to 562 million, with approximately one in thirteen individuals now holding some form of digital currency. Factors such as economic instability, increased accessibility to information through the internet, and institutional investments, including notable companies like Tesla and MicroStrategy, have contributed to this rise in popularity.

• Binance is seeking to dismiss a significant portion of a £10 billion lawsuit filed in London alleging collaboration among exchanges, including Binance, to delist the Bitcoin Satoshi Vision (BSV) cryptocurrency, which resulted in substantial damages. The lawsuit, filed on behalf of over 200,000 BSV owners, accuses Binance and other exchanges of anti-competitive behavior.

• Brazilian neobank Nubank (NYSE: NU) introduced direct cryptocurrency transfers, enabling users to send and receive Bitcoin, Ethereum, and Solana through its app. Partnering with Chainalysis, Nubank aims to ensure stable pricing and compliance standards for crypto transactions, aligning with its customer-centric approach to evolving its platform's offerings.

• Turkey is contemplating implementing a limited transaction tax on stocks and cryptocurrencies, aiming to ensure fairness and efficiency in taxation policies. The proposal comes amidst efforts to regulate the cryptocurrency market, including licensing requirements and measures to adhere to international standards.

Most Shorted Stocks

The Designer Brands Inc with the symbol DBI currently has a short interest of 30.24%. The short interest has changed by 380000 shares. The days to cover ratio stands at 9.0 Days to Cover. The estimated value of the shares held short is approximately $108.25 million. On an average day, 1.56M shares are traded, with the company's market capitalization totaling $491.54M.

For the stock Reborn Coffee Inc (REBN), the current short interest is at 29.53%. This represents a significant short interest change of 196700 shares, corresponding to a short interest percentage increase of +541.87%. The days needed to cover the short positions amount to 0.1 Days to Cover. The approximate worth of the shares held short is $1.05 million.

With the symbol VERV, the stock currently has a short interest of 29.40%. The short interest change is 1050000 shares, compared with a short interest percentage change of +6.35%. It would take approximately 12.4 Days to Cover days to cover all the short positions. The shares short value is estimated to be around $1.24 million. The company boasts an average daily volume of 1.40M shares, contributing to a market capitalization of $419.46M.

The stock DM has a current short interest of 29.11%. The short interest percentage has experienced decrease of -2.41% while there was a change of -1480000 shares in short interest. The ratio indicating the time required to cover short positions is 18.6 Days to Cover. The calculated worth of the shorted shares amounts to around $10.2 million. Trading activity averages at 3.03M shares per day, while the company's market capitalization stands at $190.84M.

Biotech stocks to Watch

According to our ST Score evaluation, Immuron Limited ADR (IMRN) emerges as a high-quality stock in the Biotech industry, attaining an impressive score of 57.0. The stock's valuation, performance, and financial strength are strong. However, its Piotroski Score are weak. Additionally, it is neutral in terms of profitability, growth, stock sentiment, and forecast.

Our ST Score also classifies Halozyme Therapeutics Inc. (HALO) as a high-quality Biotech stock today, presenting a Score of 57.0. The stock has strong fundamentals in terms of profitability, growth, and stock sentiment. However, it has weak financial strength. The value, performance, Piotroski Score, and forecast are neutral.

Another stock in the category, Protagonist Therapeutics Inc (PTGX) has the ST Score of 58.0, which means that the stock carries the potential for higher returns. The stock is strong in profitability, and financial strength. Value, performance, growth, stock sentiment, piotroski score, and forecast suggest a neutral outlook.

BioNTech SE ADR (BNTX) stock has the ST Score of 61.0 which implies that the Biotech company has a high probability of beating the market. The stock's strengths lie in its profitability, financial strength, and stock sentiment, but its weaknesses are in its growth. However, it shows neutral outlook in value, performance, Piotroski Score, and forecast.

Catalyst Pharmaceuticals Inc (CPRX) currently has the ST Score of 63.0, which signifies a huge upward potential. The Biotech stock's strong points are its profitability, growth, financial strength, stock sentiment, and Piotroski Score. The stock's value, performance, and forecast indicate a neutral outlook.

Best Regards,
Stocks Telegraph Team