U.S. technology stocks tumbled in pre-market trading Monday

Image source: Wikimedia Commons

U.S. technology stocks tumbled in pre-market trading Monday ⚠️ after President Donald Trump imposed substantial tariffs on imports from Canada, China, and Mexico, raising concerns about potential retaliation affecting the tech sector. Benzinga reports.

HondaCharge ⚡: Honda’s new EV production revolution begins with $1 billion investment in Ohio. CNBC reports.

SoftAI 🤖: The SoftBank Group CEO said he has agreed with OpenAI CEO Sam Altman to set up a joint venture in Japan to offer artificial intelligence services to corporate customers. Reuters reports.

TechSurge 📈: Chinese equities listed in Hong Kong outperformed their Asian peers as gains in tech heavyweights countered the negative impact of a new US tariff on China. Yahoo Finance reports.

AutoShock ⚠️: Shares of Japanese and South Korean car makers and their suppliers led declines in Asia, as exporters across the region were walloped by U.S. President Donald Trump's introduction of sweeping tariffs on Mexico, Canada and China. Reuters reports.

L’OrealSell 💄: L’Oreal sells €3 billion of Sanofi stock back to drugmaker. Yahoo Finance reports.

PlugWin 🔌: Tesla rival BYD marks 47.5% growth in January passenger vehicle sales driven by popularity of plug-in hybrid EVs. Benzinga reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $UOKA: MDJM
Total gain: +180.15%

2. $REBN: Reborn Coffee
Total gain: +96.06%

3. $SBXD: SilverBox
Total gain: +48.66%

4. $ETHD: ProShares Trust ProShares UltraShort Ether ETF
Total gain: +44.57%

5. $TGI: Triumph Group
Total gain: +34.95

* Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 9 AM ET for "Pre-Market Momentum”.

Why Should Traders Have A Plan For Their Target?

A target is a point where action is required, not optional. You must take action at your target, especially if it’s a measured move target, because you identified that target well before you entered the trade. Therefore, that target is important. The only time you can think clearly about a trade is before you're in it.

A common mistake many traders make is when they see the price approaching the target, they think, "Oh, I'm almost at my target," and feel relieved. But then the day closes, and the next day the market opens lower—remember, this green area is the open, and the bottom of this candle is the open. Suddenly, you're thinking, "Oh my God, I'm going to make a fortune on this trade."

In that excitement, you might prematurely exit your trade or fail to adjust your stop. You don't tighten your trailing stop, or you hesitate to reduce your stop loss because you don’t want to get stopped out. This behavior is careless and could cost you profits.

The closing price of the top three market percent gainers trading near or above $3 on January 31.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $REBN: Reborn Coffee
Total gain: +61.09%
On January 23rd, the company announced its official approval as a franchisor in the United States. This landmark achievement sets the stage for an ambitious expansion plan, targeting the opening of more than 100 franchise locations nationwide within the next three years, while building momentum for further global growth. Benzinga reports.

2. $CYCN: Cyclerion Therapeutics
Total gain: +53.15%
The stock appeared to be moving on no notable news.

3. $SGN: Signing Day Sports
Total gain: +46.09%
The company announced the signing of a new sponsorship agreement with the U.S. Army Bowl, extending its rights as the "National Recruiting Partner". Benzinga reports.

Time (ET) / Report / Period

9:45 am - S&P final U.S. manufacturing PMI - January
10:00 am - Construction spending - December
10:00 amI - SM manufacturing - January

“Your mind is your main trading asset. If you lose control of it, you will fail.”

― Alexander Elder

Sourced in:
“Trading for a Living”, by Alexander Elder, published in 1993.