The key indices are all up this morning with the Dow, the NASDAQ, and the S&P 500 all in positive territory. This follows news that there could be a stimulus package before the elections. Comments by lawmakers over the weekend indicated that a COVID-19 relief could come before November 3rd.
Elsewhere, President Trump stated that he was aiming for a higher number than what House Speaker Nancy Pelosi had requested, following a move by house democrats to put forth a $2.2 trillion package. Essentially this means that the President was willing to go with a number that is higher than the $1.8 trillion that he had proposed earlier. This is a positive development for an economy that has been badly by the COVID-19 pandemic.
As of Saturday, the number of COVID-19 cases had risen to more than 57k. While it was an improvement from earlier figures, it still shows that the virus was still a major burden to the U.S economy. The positive start to the week is also an indicator of optimism in the global economy, following data from China showing that the economy grew by 4.9% in Q4. Riding on this improved sentiment, there are several stocks that are poised to do pretty well in the day. Some pre-market gainers that are headed for a strong day are as below:
Code Chain New Continent Limited [NASDAQ: CCNC]
Code Chain New Continent Limited is a top performer pre-market and is up by over 160%. While there are no current news driving stock, a week ago, it emerged that insiders have been loading up on the stock. Over the last 12 months, the company’s Co-Chairman of the Board bought the stock and his single largest purchase was worth $955,000. Normally, insider buying usually points to confidence in a company’s fundamentals. This is driving this stock’s momentum and could be instrumental in its long term value play.
CHF Solutions Inc [NASDAQ: CHFS]
CHF Solutions Inc is one of the best performers pre-market and is up by over 2000%. This follows news that data showed that Aquadex Therapy was beneficial in treating heart failure and COVID-19. This has excited the markets leading to the massive run-up in price.
Kaixin Auto Holdings [NASDAQ: KXIN]
Kaixin Auto is a top performer pre-market and is up by over 50%. This stock has no news at the moment. This means it is riding the positive sentiment that has gripped the entire market. It will be an interesting stock to watch in the day.