penny stocks to buy under $1 in 2023

What has been an otherwise bullish week was originally expected to become extremely volatile heading into mid-week. While things appear to be business as usual for a stock market rally could change quickly starting Wednesday, October 11th. What’s going on in the stock market this week? Tomorrow, the onslaught of stock market news catalysts, with the first being Producer Price Index inflation data.

Thursday will see the Consumer Price Index – CPI data continue the trend, followed by the start of earnings season on Friday. Additionally, there are FOMC minutes from the last Fed meeting that will be closely monitored for any changes hinting at the Federal Reserve’s next policy move. While broad market catalysts don’t normally impact penny stocks, they are worth noting to find relative strength in the market.

Inflation Expectations: CPI Data, PPI Data & What Wall Street Anticipates

Inflation data has become the crown jewel as far as gauging market sentiment ahead of Fed events. Here’s what Wall Street is expecting from PPI and CPI inflation reports this week:

CPI Inflation Data Expectations For September 2023:

  • CPI Expectations (month-over-month): 0.3%, Previous read was 0.6%
  • CPI Expectations (year-over-year): 3.6%, Previous read was 3.7%
  • CORE CPI Expectations (month-over-month): 0.3%, Previous read was 0.3%
  • CORE CPI Expectations (year-over-year): 4.1%, Previous read was 4.3%

PPI Inflation Data Expectations For September 2023:

  • PPI Expectations (month-over-month): 0.3%, Previous read was 0.7%
  • PPI Expectations (year-over-year): 1.6%, Previous read was 1.6%
  • CORE PPI Expectations (month-over-month): 0.2%, Previous read was 0.2%
  • CORE PPI Expectations (year-over-year): 2.3%, Previous read was 2.2%
CPI data inflation

Penny Stocks To Watch This Week

PPI and CPI inflation data aren’t the only things traders are watching this week. There are plenty of Fed speakers also making their opinions known. This could quickly shift the conversation to a more speculative one and that’s the type of environment that can spur attention on penny stocks.

These cheap stocks that usually trade for less than $5 are known for the hype factor and can be greatly influenced by social sentiment. Speculation is a frequent catalyst that propels names like SuperCom Ltd (NASDAQ: SPCB) over 150% in less than a day.

Investing in Penny Stocks? Where to Start

Shares of SPCE stock exploded in the stock market today. There were no apparent headlines to accompany the move. However, that didn’t stop trading action sparking one of the most active days for the stock this year.

This is not unusual and a reason why you’re probably looking for names to add to your list of penny stocks to watch. In this article, we look at a handful of cheap stocks gaining momentum in the stock market today. Once you see what’s happening, you can decide if they’re worth adding to your watch list this week.

Virgin Galactic Holdings (SPCE)

Space stocks were once a popular topic but the trend cooled off in a major way with the shift in market sentiment. The latest risk-on environment, however, has brought interest back to companies in the niche. Virgin Galactic most notably has taken an interest from investors as the company continues launching civilians into space.

Earlier this month, the company completed its fifth successful human space mission in the last 5 months. Michael Colglazier, CEO of Virgin Galactic, said: “Our teams in New Mexico and California have delivered on our monthly spaceflight objectives. Three new astronauts journeyed to space today and brought back incredible memories and stories of their experience above the Earth. These early missions with our initial ship, VSS Unity, have informed and confirmed the design and maintenance objectives for our Delta class spaceships, and the production tooling for those ships is on track to commence later in the fourth quarter.”

This week, as the market has risen, so have shares of SPCE stock. While it’s a positive for the company following a long stint of selling, Virgin is still hovering around 52-week lows.

FuboTV ( FUBO)

Sports entertainment stocks are gaining ground as the latest professional seasons are rolling on. FuboTV is an online pay-TV service offering traditional channels without a cable subscription. The company’s platform also offers a level of interactivity as a sports-first outlet. It gives viewers the ability to engage with content they’re watching through features like FanView, which lists stats and scores in real time. It also offers the ability to stream 4 separate channels at once and in 4K HDR resolution.

FUBO stock has maintained strong trading levels over the last few months compared to earlier this year. This week prices hover around the 50-day moving average, $2.52, with the market shaking off most of the concern from last month’s Disney-Charter news. Meanwhile, short interest has attracted attention from some searching for short-squeeze penny stocks. According to TD Ameritrade, the short float percentage on FUBO stock is around 17%.

Rocket Lab (RKLB)

Another one of the space stocks to watch is Rocket Lab. The company specializes in launch services and space systems. The company also delivers satellite manufacturing capabilities, on-orbit management solutions, and has been selected to support certain NASA missions to the Moon and Mars.

Penny Stocks To Buy This Week? Analysts Like These 3

Earlier this month the company announced that it opened an engine development center in Long Beach. the 144,000 sq ft complex is tasked with supporting a high-rate production of Rocket Lab’s 3D-printed Rutherford engine. It will also be responsible for developing and producing the new Archimedes engine to power the comapnhy’s medium-lift rocket, Neutron. Coincidentally, this was the former Virgin Orbit headquarters for the Launcher One vehicle.

Rocket Lab Founder and CEO Peter Beck. “This Engine Development Center builds on the legacy of the Rutherford engine and signals a new era at Rocket Lab with the development of Archimedes, our new large LOx/methane engine which will power the reusable Neutron rocket. By co-locating our Engine Development Center near our Long Beach headquarters and production complex, we’ve maximized collaboration between our engineering and manufacturing to ensure streamlined efficiency as we continue ramping up Electron launch cadence and get closer to Neutron’s debut launch.”

List Of Penny Stocks To Watch

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