New inflation data on deck! 🚨

Stocks opened the trading week on a high note yesterday. The S&P 500 added 0.9%, and the Dow gained half a point. The Nasdaq outperformed with a 1.5% rally, and the small-cap Russell 2K added 0.4%.

Futures are trading in the green in today's premarket. S&P 500 contracts are up about 0.1% ahead of today's May CPI report.

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💲 CPI Expectations

Economists' median forecasts say CPI inflation likely grew 4.0% on an annual basis last month and 0.1% on a month-over-month basis. Core CPI is expected to grow by 5.3% annually and 0.4% MoM.

If May's inflation numbers outpace expectations, we could see a very negative reaction in today's trading session.

My Take: ORCL is up 58%+ over the past 12 months. This legacy tech stock is killing it, and it still looks like a solid "buy" candidate, even at today's price.

First Wave Bio just cleared a key clinical milestone.

The clinical-stage biopharma firm said it has reached its enrollment target in an ongoing Phase 2 SPAN study of its adrulipase drug candidate.

First Wave said the study will examine the drug's use as a treatment for exocrine pancreatic insufficiency (EPI) in patients with cystic fibrosis (CF).

The Phase 2 multi-center clinical trial included 12 patients. Two-thirds have already completed the study, and the final patients are currently being dosed.

Top-line data from the trial is expected to be available to the public by July 2023, according to CEO James Sapirstein.

FWBI is today's top premarket stock with a 109.3% gain on elevated trading volume.

My Take: FWBI got a nice pop from this news, but the clinical data will have the final say in which way this stock goes. It might be wise to wait for a pullback and time your entrance around the July 2023 top-line data release.

iBio [IBIO] - Last Close: $0.7285

A recent announcement is lifting shares of iBio.

Late Monday, the tiny biotech revealed a new partnership with the National Institute of Allergy and Infectious Diseases to develop a crucial vaccine.

iBio and the NIAID will collaborate on a vaccine for a fatal viral disease called Lassa fever using iBio's patented AI epitope steering platform.

The biotech firm will work with the NIAID's Vaccine Research Center to determine if using the platform provides significant advantages over traditional methods.

IBIO is one of this morning's top stocks with a 22.8% gain.

My Take: Financial details of this arrangement weren't disclosed, but it could lead to a big government deal for IBIO if its tech proves advantageous.

An analyst upgrade is lifting shares of Casi Pharma.

Yesterday, analysts from Refinitiv/Verus upgraded CASI from "hold" to "buy."

Refinitiv/Verus didn't set a price target on the stock, but the upgrade was enough to get shares moving.

The upgrade rallied CASI to a 22.7% gain in today's premarket.

My Take: I don't have access to Refinitiv's note, so I can't tell you what the reasoning behind this upgrade was. However, the market seems to be reacting favorably to the news, and CASI's chart isn't terrible.

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