Good morning, Wake-Up Watchlisters!

Today is not the day for decaf, pour a full cup of the dark roast and let’s dig into the premarket movement!

Investor sentiment is middling this morning, but momentum appears to be going in the right direction after the feather ruffling FOMC yesterday. Chair Jerome Powell announced a quarter-point rate hike despite all the turmoil in the banking sector and rumors of rate cuts.

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Now, let’s take a look at the top-moving stocks this morning.

Coinbase Global Inc (NASDAQ: Coin)

Coinbase Global is down 13.34% premarket. Shares of the crypto exchange have dropped off this morning in the premarket after seeing 20% gains over the last 5 trading days. This comes after company leadership received notification of an SEC lawsuit around the corner. More than 110 million people use Coinbase which is taking the stance that the suit is an opportunity to clear up confusion around regulation in the crypto space.

Carvana Co. (NYSE: CVNA)

Carvana Co. is up 7.24% premarket. The new age car dealer has popped off this morning after the company announced that losses in the first quarter would be dramatically reduced, down to $50-100 million from over $340 million last year. Company leadership has also committed to restructuring the $9 billion in debt the company holds which will no doubt please shareholders.

While many vehicle stocks have struggled as of late, the EV market is still seeing high demand. Our friend Andy Snyder has zero’d in on a $25 startup in the space that The Wall Street Journal says could be the next Tesla.

Read more on this $25 EV stock.

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Chewy Inc. (NYSE: CHWY)

Chewy Inc. is down 5.99% premarket. The pet food and health retailer announced earnings yesterday after the market close, and despite beating estimates across the board shares are dropping off. Earnings surprised analysts with $0.16 EPS reported vs the expected loss of $0.10, however the one stain on the report was a slight decline in active customers since the last quarter.

Alibaba Group ADR (NYSE: BABA)

The Alibaba Group is up 5.46% premarket. Led by an excellent earnings report from Tencent Holdings, Chinese tech stocks are going through a nice rally and BABA is no exception. China continues to reopen its economy and hints that the US Federal Reserve may be at the end of the rate-hiking cycle are driving positive investor sentiment around the far east tech sector.

China has incredible manufacturing capabilities, and there are hints that the country may be moving to take over the chip industry altogether. Learn about this sinister plan that could directly affect most of the products you use every day.

Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team