New employment data on deck 🎢

U.S. indexes edged lower on Wednesday. The Russell 2K's underperformed with a 1.2% sell off. The Dow fell by 0.3%, while the Nasdaq lost 0.1% and the S&P 500 slid 0.2%.

Index futures are trading in the red in today's premarket, with Dow and S&P 500 contracts showing losses of 0.4%.

Today's ADP Employment Report will likely set the tone for the session, so keep a close eye out at 8:30 a.m.! 👀

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📉 Hawkish Fed Minutes

Minutes from the Fed's June meeting were released yesterday, and the notes revealed that many central bank policymakers were in favor of raising rates in June, sending stocks lower in Monday's session.

A July rate hike seems like a virtual certainty at this point, and I wouldn't be surprised if we saw two to three additional hikes before 2023 is through.

My Take: BTAI experienced a big sell off last week, but the declines must've been overdone because share prices have rebounded significantly since then. Trading volume has spiked this week as well, so there could be more upside here.

My Take: I'm not sure if this news really explains today's move, but it's the only story on my radar at the moment. COYA could have something else going on., so keep an eye on the headlines if you're interested in making a play here.

Kazia Therapeutics [KZIA] - Last Close: $1.17

Kazia Therapeutics just landed a major regulatory win.

This morning, the FDA awarded a Fast Track Designation (FTD) to Kazia's lead product, paxalisib, as a combination treatment for solid tumor brain metastases.

Kazia says the designation will provide enhanced access to FDA regulators, and the drug may also be eligible for Accelerated Approval and Priority Review.

Paxalisib was previously granted FTD for glioblastoma in 2020, so this is its second opportunity to access the benefits of the designation.

KZIA is one of today's top movers with a 22.2% gain on elevated premarket trading volume.

My Take: KZIA's paxalisib appears to be on the right path, and it could provide more catalysts for the stock in the months ahead.

Mullen Automotive [MULN] - Last Close: $0.1709

Mullen Automotive is heating up in today's premarket.

Yesterday, the EV maker announced the hiring of Christian Attar to combat the naked short-selling of its shares.

Mullen said it made the decision after it received reports that it was the target of a "market manipulation scheme" involving illegal naked short selling.

The company hired Attar in partnership with Warshaw, Burstein, LLP to investigate and expose any wrongdoing.

The news sparked a 69.3% rally in shares of MULN on Wednesday, and the rally is continuing in today's premarket.

MULN is currently up 45.5% on elevated premarket trading volume.

My Take: MULN appears to be in big trouble. Shares were going for $10 just six months ago. There could be opportunities for short-term gains here, but the stock's long-term trajectory doesn't seem promising.

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