Gold Pressured By Stronger Dollar, Rising Yields

A stronger dollar and rising bond yields kept gold under pressure on Tuesday.

Spot gold was marginally lower at $1,826.62, extending losses for the seventh straight session to hold near seven-month lows. U.S. gold futures were down 0.3 percent at $1,842.15.

The dollar scaled an 11-month peak against a basket of major rivals and the U.S. 10-year treasury yields hit a fresh 16-year peak as investors react to hawkish remarks by Federal Reserve officials.

Fed Governor Michelle Bowman indicated on Monday that multiple interest-rate hikes may be required to get inflation down to the Fed’s 2 percent target.

Fed Vice Chair for Supervision Michael Barr said his focus is on how long to hold rates high.

Cleveland Fed leader Loretta Mester also said the Fed’s work is likely not done and one more rate hike may be needed this year.

Trading later in the day may be impacted by reaction to a report on job openings in the month of August ahead of the closely watched monthly jobs report on Friday.

Economists currently expect U.S. employment to increase by 163,000 jobs in September after an increase of 187,000 jobs in August.

The unemployment rate is expected to edge down to 3.7 percent from 3.8 percent.

Nauticus Robotics To Acquire 3D At Depth For $34 Mln In Stock

Nauticus Robotics, Inc. (KITT), a developer of autonomous vehicles and robots, announced on Tuesday that it has signed a definitive agreement to acquire 3D at Depth, Inc., a commercial subsea laser LiDAR or Light Detection and Range inspection and data services company for $34 million in stock.

The company will also assume $4.1 million of 3D’s debt.

Nauticus will offer 3D security holders around 9.9326 shares for each share of 3D common stock equivalent they own.

As per Nauticus the deal will enhance firm’s full spectrum of autonomous underwater maritime capabilities, and accelerate commercial market penetration, broaden the intellectual property portfolio, expand the target market and establish operational expertise.

3D reported $9.8 million of revenue in 2022, and is on track to grow by more than 20 percent in 2023 according to Nauticus.

The transaction is expected to close in the fourth quarter.

In pre-market activity, shares of Nauticus are trading at $1.77 down 1.12% on Nasdaq.

ALX Oncology More Than Doubles In Pre-market After Positive Interim Phase 2 Data From ASPEN-06 Trial

Shares of ALX Oncology Holdings Inc. (ALXO) were trading up over 114 percent on Tuesday after the company reported positive prespecified interim Phase 2 data from its ASPEN-06 clinical trial of Evorpacept for Cancer.

ALXO was trading up by 119.33 percent at $10.55 per share in the pre-market trade on the Nasdaq.

The positive prespecified interim Phase 2 data from its ASPEN-06 clinical trial, a randomized multi-center international study evaluating Evorpacept, the company’s CD47 blocking therapeutic, in combination with trastuzumab, Cyramza or ramucirumab and paclitaxel for the treatment of patients with HER2-positive gastric/gastroesophageal junction or GEJ cancer.

Evorpacept is the first CD47 blocker to show activity in a global randomized study in solid tumors.

The interim efficacy results showed the confirmed overall response rate for Evorpacept combination treatment was 52 percent compared with 22 percent for control treatment.

Americans To Get Rapid Antigen Test Kits For Free

With the reopening of the Biden administration’s at-home testing program, every U.S. household can place an order to receive four free Covid-19 rapid tests delivered directly to their home.

The free antigen test kits an be ordered through COVIDtests.gov.

The tests will detect a new variant of the virus, which is currently circulating in many states.

The kits are intended for use through the end of 2023. They will include instructions on how to verify extended expiration dates. Many kits have had their expiration dates extended beyond what may be printed on the packaging.

The Federal Trade Commission said that the recipients don’t have to pay for shipping, and they will never be asked for a credit card or bank account number.

“You only need to give a name and shipping address,” the FTC said. “If you’d like an email confirmation and delivery updates from the U.S. Postal Service, you can submit your email address.”

The FTC warned that anyone who asks for more information than that is a scammer.

A spike in U.S. Covid hospitalizations has been reported by the Centers for Disease Control and Prevention in the last few weeks.

The free at-home Covid-19 testing service had been suspended earlier this year to conserve supplies.

Enhabit Continues To Fall

Enhabit, Inc. (EHAB) shares are falling more than 21 percent on Tuesday morning trade. The stock have been on a bearish trend and touched the lowest point in the year-to-date. Yesterday, analysts had a differing view on Enhabit -A few of them suggesting to ‘sell,’ while a section of them recommended to ‘hold.’

Currently, shares are at $9.21, down 21.48 percent from the previous close of $11.73 on a volume of 385,020.

Earthstone Energy Reports Expiration Of HSR Act Waiting Period For Permian Acquisition

Earthstone Energy, Inc. (ESTE) announced Tuesday the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended, with respect to the previously-announced agreement for Permian Resources Corp. (PR) to acquire all outstanding shares of Earthstone at an exchange ratio of 1.446 shares of Permian Resources for each Earthstone share.

The expiration of the HSR Act waiting period occurred at 11:59 p.m. EDT on October 2, 2023, which was a condition to the closing of the pending transaction.

The completion of the transaction is subject to the satisfaction of the remaining customary closing conditions, including approval by Earthstone stockholders.

The Earthstone special meeting is scheduled to be held on Monday October 30, 2023 at 10:00 AM. The transaction is expected to close shortly thereafter.