Dawn raids, also known as "pre-market trading," refer to the practice of buying and selling stocks before the regular stock market opens for the day. This activity takes place during the pre-market hours, which typically start at 4:00 a.m. and end at 9:30 a.m. Eastern Time. Dawn raids are generally used by professional traders and institutional investors, who have access to proprietary market data and can make informed trades based on this information. The main advantage of dawn raids is that they allow traders to capitalize on market-moving news or events that may not be known to the general public. However, dawn raids also carry a higher level of risk, as there is often less liquidity and higher volatility in the pre-market hours.