Futures Point to Lower Open 📉

The Dow closed with a 0.3% gain on Friday, while the S&P 500 lost 0.2%. The Nasdaq fell half a point, and the small-cap Russell 2K closed flat.

This morning, futures are pointing to more losses at the open. S&P 500 contracts are down 0.7% in early morning trading.

📈 Yields Tick Higher. The yield on the US ten-year Treasury bond are up 66 basis points over the past 24 hours, and they're currently hovering around 3.887% heading into today's session.

Reports of a major acquisition are lifting shares of Sigma Lithium.

Over the long weekend, Bloomberg reported that Elon Musk's Tesla Motors [TSLA] was considering acquiring the Canada-based battery metal miner.

According to the report, Tesla is working with advisers on a bid, but it is just one of the many mining options the company is exploring.

Neither Tesla or Sigma Lithium have responded to media requests for comments as of yet.

SGML is one of today's top performers with a 25.5% gain on the rumors.

My Take: This might be a 'buy the rumor' opportunity, but a good portion of the stock's potential gains may already be priced in. Plus, SGML could see significant downside if a deal doesn't materialize.

Chemomab is taking off on a promising regulatory update.

Today, the Israeli biotech firm announced the U.S. Food & Drug Administration cleared its investigational new drug application to evaluate CM-101.

The approval clears the way for a Phase 2 trial of CM-101 in adults with systemic sclerosis, or SSc.

Chemomab's Chief Medical Officer called the decision an "important milestone for Chemomab."

CMMB is up 26.0% on news of the FDA green light, and shares are trading actively in the premarket.

My Take: CMMB has been in a bit of a funk lately, but today's rally might help it get its groove back. Shares are currently trading above a key resistance level at $2.30.

Owlet just completed a key fundraising round.

On Friday, the infant monitoring tech company announced a private placement of preferred stock and warrants for gross proceeds of $30 million.

Owlet said the private placement included certain institutional and other accredited investors, and it closed on Feb. 17th.

To complete the offering, Owlet issued Series A preferred stock that is convertible into approximately 61.2 million shares of common stock, plus warrants.

Owlet said additional details about the offering can be found in its next Form 8-K filing.

News of the private placement sent OWLT rallying, and shares are up 34.9% on elevated trading volume ahead of today's opening bell.

My Take: OWLT has performed poorly over the past 12 months, but today's rally could help it get back on track. The private placement is a sign that the smart money sees opportunity here, so this stock might be worth watching.

Troika Medical is up after reversing an unpopular decision.

Late Friday, the professional services company filed to cancel a previously announced registered offering of its shares.

Troika filed the original registration statement on April 4th, 2022, but it's canceled as of Friday's filing.

The company said it is no longer wishing to pursue a public offering of its securities at this time.

News of the canceled offering sent TRKA to a 42.7% gain in today's premarket, and it's this morning's most actively-traded stock.

My Take: TRKA probably canceled the offering because of poor market conditions. However, share prices are trending higher, and today's rally could put it above a key resistance point at $0.25.

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