Happy Thursday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟥 | US stocks fell Thursday. The S&P 500 dropped 0.2%, while the NASDAQ remained mostly flat, and the Dow dropped 0.4% amid investor concerns over Middle East tensions and September’s payrolls report.

• 📈 | One Notable Gainer: EVgo shares surged 61% after a $1.05B DOE loan and a JPMorgan upgrade, citing strong utilization and owner-operator model.

• 📉 | One Notable Decliner: Hims & Hers Health shares fell 9.6% after the FDA resolved the Eli Lilly weight-loss drug shortage.

• 🏦 | Tomorrow's Trade: Fed Flip: Wells on the Rise? Scroll down for more.

Plus, own a piece of the world’s most coveted cars with today’s sponsor…

TOGETHER WITH MCQ MARKETS

Own a Piece of the World’s Most Coveted Cars with MCQ Markets

Ever wish you could own a slice of a Ferrari or Lamborghini? With MCQ Markets, you can.

This platform lets car enthusiasts invest in fractional ownership of luxury cars and motorsport memorabilia, turning collector cars into an alternative asset class.

Collector cars are now seen as alternative investments, offering diversification beyond traditional assets. Many classic and collector cars have appreciated significantly, even amid economic turbulence, often surpassing traditional investments like stocks (S&P 500), Real Estate, and even the Art Market.*

Having been involved with over 50 public companies, that have raised billions for past projects, MCQ Markets and its capital markets team are leveraging their extensive experience in North American public markets to open up a world of opportunities for potential investors in the US retail investment market.

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MARKET MOVERS

Joby Aviation, Levi Strauss, Wolfspeed

JOBY (-8.6%) Toyota Fuels Joby's eVTOL Dreams With Additional $500M Investment (Zacks)

LEVI (-7.7%) Why Levis Strauss Stock Dropped Today (Motley Fool)

WOLF (-5.9%) Wolfspeed Stock Falls on Downgrade. Three Reasons to Sell the EV-Chip Supplier. (Barron’s)

STLA (-4.1%) Stellantis CEO says too soon to confirm 2025 dividend as shares slide (Reuters)

NVDA (+3.3%) Nvidia stock rises as CEO Jensen Huang touts 'insane' chip demand (YF)

OVERHEARD ON THE STREET

Marketwatch: Costco's new one-ounce platinum bars, priced at $1,089.99, are seen as less appealing than gold, which remains more valuable, experts say.

CNBC: Starbucks is investing in two Central American farms to protect its coffee supply from climate change by studying hybrid varieties.

Forbes: JetBlue’s new transatlantic economy menus eliminate hot meals, offering only chilled items instead, a shift from typical airline standards.

Reuters: Amazon will hire 250,000 warehouse and transportation workers for the 2024 holiday season, matching last year's hiring numbers.

Forbes: Tesla recalls 27,000 Cybertrucks over a software issue affecting rearview cameras, marking the vehicle's fifth recall this year.

TOMORROW’S TRADE IDEA, TODAY

A Different Kind of Fed Decision Could Be Great News for This Bank

End in Sight?

Wells Fargo (WFC) has been bogged down ever since regulators imposed a $1.95 trillion asset cap in 2018 following its fraudulent accounts scandal. The stock has dropped 12% since, while competitors like JPMorgan (JPM) and Bank of America (BAC) have risen significantly. 

However, analysts believe that the Federal Reserve may lift the cap as early as next year, and the stock could be in for a boost.

Excitement Is Rising

Wells Fargo recently submitted a third-party evaluation of its risk and control processes to the Fed, which could result in an end to the cap. That news alone caused a 5% spike in the stock price — and Barron’s believes it could go a lot further if the cap lifts.

An end to the cap, coupled with the bank stock’s cheap valuation and potential for growth, could be the catalyst for a rally. Additionally, its strong deposit base and traditional banking approach could put it in a great position to capitalize on the potential situation.

Strong Growth Potential

There is no guarantee that the Fed will lift the cap. But recent price movements show that at least some investors are confident the move is coming. 

The bank has managed to generate decent returns despite the cap, which may well improve further if it’s lifted, per Barron’s.

Additionally, the end of the regulation could go a long way in terms of changing investor and customer sentiment, and potentially leave market observers singing, “The Wells Fargo Wagon is coming down the Street.”

TOGETHER WITH MCQ MARKETS

Own a Piece of the World’s Most Coveted Cars with MCQ Markets

Ever wish you could own a slice of a Ferrari or Lamborghini? With MCQ Markets, you can.

This platform lets car enthusiasts invest in fractional ownership of luxury cars and motorsport memorabilia, turning collector cars into an alternative asset class.

Collector cars are now seen as alternative investments, offering diversification beyond traditional assets. Many classic and collector cars have appreciated significantly, even amid economic turbulence, often surpassing traditional investments like stocks (S&P 500), Real Estate, and even the Art Market.*

Having been involved with over 50 public companies, that have raised billions for past projects, MCQ Markets and its capital markets team are leveraging their extensive experience in North American public markets to open up a world of opportunities for potential investors in the US retail investment market.

Click here to read more and claim your bonus shares.

ON OUR RADAR

CNBC: QVC becomes the exclusive broadcaster and retail partner of USA Pickleball, streaming the 2024 Biofreeze National Championships in November.

Reuters: The U.S. proposed a $1.05 billion conditional loan to EVgo to expand electric vehicle chargers, including in underserved urban areas.

Axios: The U.S. labor market is slowing while economic growth persists, complicating policy decisions to avoid inflation or downturns.

CNBC: The Latina wage gap has reached $1.3 million, with full-time Latinas earning 58 cents and part-time workers 51 cents per dollar paid to white men.

QZ: Visa has launched the Visa Tokenized Asset Platform (VTAP) to streamline the issuance and management of diverse digital assets.

YESTERDAY’S POLL RESULTS

Are you bullish or bearish on UPS (UPS) and FedEx (FDX) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨⬜️⬜️⬜️⬜️⬜️ 🐻 Bearish

Disclaimer

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