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 on Thursday. The S&P 500 fell nearly 1%, and the Nasdaq Composite fell nearly 2%. This comes after this morning’s CPI report came in cooler-than-expected, causing investors to cycle out of successful tech stocks in the belief that lower inflation will benefit underperforming companies.

• 📈 | One Notable Gainer: Shares of battery manufacturer Quatumscape soared 31% after the company struck a deal with Volkswagen to mass-produce its lithium EV battery cells.

• 📉 | One Notable Decliner: Tesla’s stock took an 8% plunge following a Bloomberg report that the carmaker will delay its autonomous robotaxi event until October rather than the original August 8th date.

• 🏋️‍♂️ | Tomorrow's Trade: Some Steady Software Picks. Scroll down for more.

Plus, today’s partner reveals the energy stock poised to take advantage of the “oil melt-up.” Click here to learn more.

YESTERDAY’S POLL RESULTS

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MARKET MOVERS

Lantheus, WD-40, & Nvidia

LNTH (+16%) Lantheus’ stock surged for a second day following a Medicare proposal to hike the reimbursement rate for radiopharmaceuticals (IBD)

WDFC (+4%) WD-40’s stock rose after it reported total net sales of $155 million for Q3, a 9% YoY increase from the year-ago period (Motley Fool)

CAG (-1%) Food company Conagra saw its stock fall after reporting Q4 revenue of $2.91 million, under the $2.93 billion analysts had predicted (MW)

NVDA (-6%) Shares of Nvidia, along with other mega-cap tech stocks, fell today as investors seem to be rotating out of the tech sector (YF)

SOUN (+6%) SoundHound AI’s stock surged after the company launched a voice assistant that will be integrated across Stellantis vehicle brands (BW)

TOGETHER WITH STREETLIGHT CONFIDENTIAL

Are You Ready for $200 Oil?

Some experts predict $200+ oil… and investors are scrambling to uncover the hidden upside.

Learn more

OVERHEARD ON THE STREET

FC: Texas lawmakers warn that Marathon Digital’s Bitcoin mines are a threat to the state’s power grid and are already causing energy prices to spike.

CNBC: Audi has struck a multiyear partnership with Miami CF, a South Florida soccer club, as the company increases its sports investments.

NYT: At a recent press conference, NASA claimed it has no plans to use SpaceX to rescue the stranded Boeing Starliner astronauts.

CNN: Due to pressure from European regulators, iPhone users in Europe will no longer have to use Apple Pay for mobile payments.

Bloomberg: Tesla makes the best-selling car in the world, the Model Y, and sells more fully electric vehicles globally than anyone else.

TOMORROW’S TRADE IDEA, TODAY

Some Steady Software Picks

Impressive Fundamentals

AI is dominating the tech space right now, but Canaccord Genuity thinks investors should also consider some fundamentally sound software companies for their portfolios. 

The firm combed through 147 software companies and found just four that stood above the rest. These four stocks had 25% or more forecasted revenue growth over the next 12 months and at least 50% incremental free cash flow margins over the previous 12 months.

GitLab

GitLab (GTLB) made the list with a 12-month FCF margin of 93% and 25% forecasted revenue growth. The stock is down over 15% YTD, but Canaccord is bullish. According to the investment bank, GitLab should see its operating leverage improve on the back of its growing revenue stream.

Canaccord has set a price target of $65 for the software company, a 28% upside from yesterday’s close.

Monday.com

Monday.com (MNDY) also fits the criteria, with a trailing FCF margin of 91% and 28% projected revenue growth. Canaccord is bullish on its impressive non-GAAP gross margins, sustained growth, and FCF leverage. 

According to Canaccord, the stock is trading at a 9.3 multiple of 2025 enterprise value to revenue and 38 times enterprise value to FCF. Even though Monday’s stock isn’t considered cheap, the investment firm expects its new pricing plans to push it higher. 

AI is a huge part of tech these days, but it isn’t the whole picture. These tech stocks could be in for some growth of their own.

TOGETHER WITH STREETLIGHT CONFIDENTIAL

Are You Ready for $200 Oil?

Some experts predict $200+ oil… and investors are scrambling to uncover the hidden upside.

Learn more

ON OUR RADAR

CNBC: More people than ever are expected to bet on the Summer Olympics due to the boom of legal gambling in the United States.

Axios: Just 13% of workers in the US are now earnings less than $15 an hour, down from 31.9% two years ago.

Reuters: Archegos Capital Management founder Bill Hwang was convicted of fraud and other charges by a jury in Manhattan federal court yesterday.

CNN: Elon Musk won the dismissal of a lawsuit claiming he refused to pay at least $500 million of severance to thousands of Twitter employees he fired.

Bloomberg: According to the US Census Bureau, a third of households say it is somewhat or very difficult to pay for usual household expenses.