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Pre-market Movers: BXRX, KALA, YELL, KWE, SATX…

Gold Holds Steady As Recession Worries Mount

Gold prices held steady on Thursday as U.S. Treasury yields slipped on worries about a recession.

Global sentiment turned fragile as a surge in COVID cases in China offset investor optimism over the reopening of the economy.

Italy, Japan, Taiwan, India and the United States have imposed mandatory tests for Chinese travelers amid concerns over the spread of infections.

Spot gold edged up 0.2 percent to $1,808.74 per ounce, while U.S. gold futures were little changed at $1,815.80.

The yield on the 10-year Treasury slipped by over 2 basis points to 3.8599 percent and the 2-year Treasury yield eased by around 1 basis point to 4.3491 percent, as investors awaited the publication of weekly initial jobless claims data later in the day for fresh insights into the U.S. labor market.

Next week’s closely watched monthly jobs report as well as the release of the minutes of the Fed’s December meeting due next Wednesday could shed additional light on the outlook for interest rates and the economy.

Bond markets will close early on Friday and remain closed on Monday for New Year’s Day.

Oil Prices Tumble On Recession Fears

Oil prices slumped on Thursday amid fears of a global recession. A surge in COVID-10 cases in China, the largest importer of crude in the world, also dampened hopes for an improvement in fuel demand.

Benchmark Brent crude futures fell nearly 2 percent to $82.32 a barrel, while WTI crude futures were down 2.2 percent at $77.20.

Global recession concerns continue to hamper any recovery in oil prices. The odds of a global recession are rising after a major COVID-19 outbreak in China.

Experts have expressed deep concerns that China may not be sharing data on any signs of evolving strains that could spark fresh outbreaks in countries around the world.

Several countries have announced measures in an effort to keep infections from spreading beyond China’s borders.

In response to surging infections, the United States, Italy, Japan, India and Malaysia announced this week they would increase health measures for travellers from China.

Meanwhile, China has rejected criticism of its COVID data and played down the risk of new variants, saying it expects future mutations to be potentially more transmissible but less severe.

Investors were also reacting to the latest data from the American Petroleum Institute showing that U.S. crude oil inventories fell by 1.3 million barrels in the week ended Dec. 23, which was less than expected.

The U.S. Energy Information Administration will release its official weekly figures later in the day.

Sitio Royalties, Brigham Announce Completion Of Merger – Quick Facts

Sitio Royalties Corp. (STR) and Brigham Minerals, Inc. announced the completion of their merger, as Sitio Royalties Corp. On Wednesday, the stockholders of Brigham Minerals, Inc. (MNRL) voted in favor of all proposals necessary for the closing of the merger. Brigham class A common stock will no longer be listed for trading on the New York Stock Exchange.

Brigham is an Austin, Texas, based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States.

Air Raid Alert Issued Across Ukraine As Russia Fires 120-plus Missiles

Ukraine issued an air raid alert across the country on Thursday after Russia launched more than 120 missiles in a fresh wave of attacks targeting civilian infrastructure in Ukrainian cities.

The Ukrainian Air Force said Russia was attacking the country from various directions with air and sea-based cruise missiles and Kamikaze drones.

Several explosions were reported in the Western city of Lviv, according to Mayor Andriy Sadovy. 90 percent of the city was without power, he said.

The Military Administration of Kryvyi Rih said the central city was attacked with missiles fired from Russian ships and planes stationed at the Black Sea.

Air defense systems were activated in capital Kyiv, Kharkiv in the northeast, Mykolaiv and Odesa in the south, and Zhytomyr and Poltava in central Ukraine among other cities.

Kyiv Mayor Vitali Klitschko said that air defense forces intercepted 16 missiles over the city.

Three people, including a 14-year-old girl, were injured in the attack. Residential homes, an industrial facility and a playground were damaged.

Presidential adviser Oleksiy Arestovych told residents to stay in shelters.

Earlier, Russia’s foreign minister Sergey Lavrov said his government will not negotiate with its counterparts in Ukraine under a 10-point peace formula proposed by President Volodymyr Zelensky, alleging that it is “another PR campaign from Washington.”

Pre-market Movers: BXRX, KALA, YELL, KWE, SATX…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

Baudax Bio, Inc. (BXRX) is up over 50% at $3.46
Kala Pharmaceuticals, Inc. (KALA) is up over 32% at $16.50
Yellow Corporation (YELL) is up over 21% at $2.99
KWESST Micro Systems Inc. (KWE) is up over 19% at $2.80
Satixfy Communications Ltd. (SATX) is up over 17% at $5.40
Brookdale Senior Living Inc. (BKD) is up over 9% at $2.97
BlackRock Science and Technology Trust (BST) is up over 6% at $29.94
BP Prudhoe Bay Royalty Trust (BPT) is up over 5% at $12.95
Lufax Holding Ltd (LU) is up over 5% at $2.01

In the Red

PAR Technology Corporation (PAR) is down over 14% at $21.00
Clearmind Medicine Inc. (CMND) is down over 12% at $2.92
Third Coast Bancshares, Inc. (TCBX) is down over 9% at $17.00
LightJump Acquisition Corporation (LJAQ) is down over 9% at $10.85
Healthcare Realty Trust Incorporated (HR) is down over 8% at $17.37
Gaotu Techedu Inc. (GOTU) is down over 8% at $2.58
TAL Education Group (TAL) is down over 5% at $7.12