Gold Gains As Dollar Extends Slide, Yields Retreat
Gold prices rose for the sixth straight session on Tuesday and traded $1,700 for the first time in three weeks as a weaker dollar and a retreat in bond yields added to safe-haven appeal of the precious metal.
Spot gold rose 0.6 percent to $1,709.49 per ounce, while U.S. gold futures were up nearly 1 percent at $1,718.05.
The dollar extended its slide and bond yields declined as weak U.S. manufacturing and construction data released overnight raised hopes for slower Federal Reserve tightening.
While U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years, construction spending fell by the most in 1-1/2 years in August, separate data showed on Monday – raising hopes for a dovish pivot from the U.S. Federal Reserve.
The Bank of England is the first to pivot back to quantitative easing, claiming to restore market functioning and reduce risks of contagion.
Opinion | The Supreme Court Seems Awfully Nervous About Its Own Legitimacy
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By Jamelle Bouie
Pre-market Movers: FNGR, AERC, FAZE, ARC, ADEA…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.30 A.M. ET).
In the Green
FingerMotion, Inc. (FNGR) is up over 36% at $8.87
AeroClean Technologies, Inc. (AERC) is up over 36% at $4.37
ARC Document Solutions, Inc. (ARC) is up over 23% at $2.84
Adeia Inc (ADEA) is up over 18% at $8.50
Kiora Pharmaceuticals, Inc. (KPRX) is up over 12% at $7.99
Rubicon Technologies, Inc. (RBT) is up over 11% at $2.18
PIMCO Corporate & Income Strategy Fund (PCN) is up over 7% at $13.09
FinVolution Group (FINV) is up over 7% at $4.70
Sachem Capital Corp. (SACH) is up over 7% at $3.70
In the Red
FaZe Holdings Inc. (FAZE) is down over 24% at $6.12
Atlis Motor Vehicles, Inc. (AMV) is down over 9% at $16.68
Theratechnologies Inc. (THTX) is down over 8% at $2.10
Theratechnologies Receives FDA Approval For Intravenous Push Administration Of Trogarzo
Theratechnologies Inc. (THTX), a biopharmaceutical company focused on the development and commercialization of innovative therapies, has received FDA approval for the intravenous push mode administration of its antiretroviral medication Trogarzo for the treatment of HIV-1 infection in multidrug-resistant patients.
The approval of the Trogarzo was based on a phase III TMB-302 trial, which demonstrated that the safety and pharmacokinetic profile of Trogarzo administered via intravenous push are similar to that of intravenous infusion administration.
Trogarzo was originally approved by the FDA, in 2018, to be administered intravenously as a single loading dose followed by a 15-minute maintenance dose every two weeks for the treatment of human immunodeficiency virus type 1 (HIV-1) infection in multidrug-resistant patients.
Trogarzo is a long-acting, CD4-directed, post-attachment HIV-1 inhibitor.
The intravenous push mode of administration reduces the time of administration of the maintenance dose from 15 minutes to 30 seconds.
For the second quarter ended May 31, 2022, net sales of Trogarzo were $7.85 million compared to $7.4 million in the year-ago period.
According to HIV.gov, approximately 1.2 million people in the U.S. suffer from HIV.
THTX has traded in a range of $1.89 to $3.73 in the last 52 weeks. The stock closed Monday’s trading at $2.30, down 9.13%
Brazil’s Presidential Election Headed To Run-off
Brazil’s presidential election is heading to a second round after Opposition candidate Luiz Inacio Lula da Silva and current President Jair Bolsonaro failed to win a clear majority.
With vote counting nearly completed, left-wing’s Lula won 48 percent of the votes while far-right’s Bolsonaro earned 43 percent.
Only the candidate who secure more than 50 percent of votes will win the election.
Lula, who was President during 2003-2010, had vowed to take measures to protect the Amazon rain forest if he wins the presidency.
The 75-year-old leader was jailed over a corruption scandal, but the Supreme Court annulled the charges against him in 2021.
Bolsonaro was elected President in January 2019 as the candidate of the conservative Social Liberal Party, and joined the Liberal Party in November 2021.
U.S. Pledges $457.5 Mln In New Civilian Security Assistance For Ukraine
The United States has pledged an additional $457.5 million in civilian security assistance to Ukraine.
The aid is to enhance the efforts of Ukrainian law enforcement and criminal justice agencies to improve their operational capacity and save lives as they continue to help defend the Ukrainian people, their freedom, and their democracy from the Kremlin’s brutal war of aggression, the State Department said in a statement.
With this, the total amount of civilian security assistance that the U.S. government has provided to Ukraine since December 2021 has reached $645 million. It had a positive impact on Ukrainian law enforcement and criminal justice partners, including the National Police of Ukraine (NPU) and State Border Guard Service.
The provision of personal protective equipment, medical supplies, and armored vehicles has significantly reduced casualties for Ukrainian civilians and their defenders, according to the State Department.
Ukrainian law enforcement officers remain resilient, motivated, and determined to carry out their wide-ranging law enforcement missions and support for innocent civilians in towns and cities facing continuous Russian shelling, it added.
In addition to expanding U.S. direct assistance to Ukrainian law enforcement, a portion of this new assistance will also continue U.S. support for the Ukrainian government’s efforts to document, investigate, and prosecute atrocities perpetrated by Russia’s forces during the ongoing attacks.