3 Penny Stocks to Watch With Inflation Dropping Right Now
Right now, one of the largest impacts on the price of penny stocks and blue chips is inflation. A recent report showed that inflation is slowing down, which has caused some major bullish momentum in the stock market.
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Now, this appears to be a double edged sword. On one hand, slowing inflation is great for the U.S. consumer. This means that the price of goods could drop and so on. However, on the other hand, the Fed may see this as an opportunity to begin raising interest rates once more. With this in mind, let’s take a look at what you may have missed with penny stocks on August 11th.
Stock Market Recap, August 11th
On August 11th, we saw the major indexes closing lower following a large bullish rally earlier in the week. As stated before, the announcement of lower inflation was positive when it came out, however, investors are now realizing that this could lead to a spike in interest rates.
This caused the fall during trading on August 11th with the NASDAQ and S&P 500 falling by 0.5% and 0.07% respectively. Now, slowing inflation is a good event for the long term future of the economy. And while it is likely that this will continue to cause short term movement, it is an important event to keep an eye on. Considering that, here’s what you need to know about buying penny stocks on August 12th.
What You Need to Know About Buying Penny Stocks on August 12th
While we do know a few things about what the stock market will look like broadly, it is impossible to predict what will happen in the future. One of the things we can predict however, is that volatility is likely to continue in the coming weeks and months.
Because of this, it is more important than ever to have a well thought out trading strategy that can adapt to the shifting market conditions. Considering all of this, let’s take a look at three penny stocks that investors are keeping a close eye on right now.
3 Penny Stocks to Watch Right Now
- T2 Biosystems Inc. (NASDAQ: TTOO)
- SmileDirectClub Inc. (NASDAQ: SDC)
- Fubotv Inc. (NYSE: FUBO)
T2 Biosystems Inc. (NASDAQ: TTOO)
One of the largest gainers of the day on August 11th was TTOO stock. At EOD, shares of TTOO stock had shot up by over 26%. And, during after hours, we saw TTOO stock shoot up by another 10%, which is exciting. While we do see large gains like this without any news, it’s worth looking into why TTOO stock managed to shoot up during trading.
The main news from the company came a few days ago when it announced its exploration into the development of a rapid molecular diagnostic test for Monkeypox. As a result, shares of TTOO stock have shot up by more than 45% in the past five day period. With this in mind, do you think TTOO stock is worth adding to your list of penny stocks to buy or not?
SmileDirectClub Inc. (NASDAQ: SDC)
Another major gainer on August 11th was SDC stock. By EOD and into after hours, shares of SDC stock had shot up by over 24% and more than 4.5% respectively. These major gains come alongside a one month uptick of more than 55%, which is no small feat.
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The most recent news from SDC came as it announced its Q2 2022 financial report on Tuesday, August 9th. Since then, shares have fallen with a steep bullish turnaround occurring shortly after. So, while SDC stock is highly volatile, it could be worth adding to your penny stocks watchlist.
Fubotv Inc. (NYSE: FUBO)
With over 15% in gains during trading and another 3.5% in after hours, FUBO is a penny stock that investors are watching right now. In the past five day and one month period, FUBO stock has shot up by more than 35% and almost 70% respectively.
So, why the major uptick for Fubotv? The main reason comes as the company recently reported its Q2 earnings. In the report, it stated that it is considering strategic options with a 70% YoY revenue increase. All of this shows that FUBO is working hard to continue its current momentum. Because of that, it could be a worthwhile addition to your penny stocks watchlist.
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Which Penny Stocks Are You Watching Right Now?
When it comes to finding the best penny stocks to buy, it can be tricky. But, with so many different penny stocks to choose from, it all comes down to knowing what type of investor you are. This is a crucial step that many investors forget to take.
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And, by understanding what investment you are looking for, you can have a much easier time finding the best penny stocks to buy. While it is not easy, there are plenty of penny stocks that are showing value right now. With that in mind, which penny stocks are on your watchlist today?
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