Elon Musk's Neuralink Gets FDA Approval For Human Trials

Pre-market Movers: UCAR, S, LVTX, MDB, IOT…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.40 A.M. ET).

In the Green

U Power Limited (UCAR) is up over 37% at $10.42.
LAVA Therapeutics N.V. (LVTX) is up over 32% at $2.51.
MongoDB, Inc. (MDB) is up over 26% at $373.00.
Samsara Inc. (IOT) is up over 16% at $22.16.
Lululemon Athletica Inc. (LULU) is up over 14% at $376.73.
Avidity Biosciences, Inc. (RNA) is up over 10% at $12.00.
Yiren Digital Ltd. (YRD) is up over 9% at $2.23.
Big Lots, Inc. (BIG) is up over 8% at $5.30.
Universal Security Instruments, Inc. (UUU) is up over 8% at $2.65.
OneConnect Financial Technology Co., Ltd. (OCFT) is up over 6% at $3.74.
Gaotu Techedu Inc. (GOTU) is up over 6% at $2.72.

In the Red

SentinelOne, Inc. (S) is down over 36% at $13.07.
PagerDuty, Inc. (PD) is down over 13% at $24.00.
Tigo Energy, Inc. (TYGO) is down over 13% at $18.65.
Aquestive Therapeutics, Inc. (AQST) is down over 11% at $2.05.
Elastic N.V. (ESTC) is down over 6% at $67.00.
Arco Platform Limited (ARCE) is down over 6% at $11.48.

Gold Edges Higher On Hopes Of Fed Pausing Rate Hikes

Gold was a tad higher on Friday and headed for its best weekly gain in two months as the dollar fell from recent highs after the passage of U.S. debt ceiling bill by the Senate and amid Fed pause hopes.

Spot gold edged up 0.2 percent to $1,980.72 per ounce, while U.S. gold futures were up 0.1 percent at $1,997.75.

A weaker dollar boosted bullion’s appeal after the U.S. Senate passed a bipartisan bill to raise the debt ceiling into 2025 and cut the deficit, the final hurdle for the U.S. to avoid default on its debt.

The bill will now be sent to President Joe Biden and will become law after his signature. Approval is expected before the June 5 deadline.

U.S. Treasury yields also slipped after Philadelphia Federal Reserve President Patrick Harker said the Fed should probably skip raising interest rate at its next policy meeting.

Focus now shifts to the monthly U.S. jobs report due later in the day, which could impact the outlook for interest rates.

Economists expect employment to increase by 190,000 jobs in May after an increase of 253,000 jobs in April. The unemployment rate is expected to inch up to 3.5 percent from 3.4 percent.

Waterdrop Inc. Reports Retreat In Q1 Income

Waterdrop Inc. (WDH) released a profit for first quarter that decreased from last year

The company’s earnings totaled RMB49.725 million, or RMB0.01 per share. This compares with RMB104.958 million, or RMB0.03 per share, in last year’s first quarter.

The company’s revenue for the quarter fell 6.6% to RMB606.165 million from RMB648.688 million last year.

Waterdrop Inc. earnings at a glance (GAAP) :

-Earnings (Q1): RMB49.725 Mln. vs. RMB104.958 Mln. last year.
-EPS (Q1): RMB0.01 vs. RMB0.03 last year.
-Revenue (Q1): RMB606.165 Mln vs. RMB648.688 Mln last year.

Biden Vetoes Disapproval Resolution Nullifying Crucial Police Reforms In D.C.

President Joe Biden has vetoed a Republican-led congressional disapproval resolution that would have nullified crucial police reforms enacted in the District of Columbia.

Biden used his veto power on House Resolution 42, a measure passed by both chambers of the U.S. Congress, that would have repealed the Comprehensive Policing And Justice Reform Amendment Act, which the D.C. Council passed in 2020 after the death of George Floyd.

The police discipline and accountability bill bans chokeholds, sets important restrictions on use of force and deadly force, improves access to body-worn camera recordings, and requires officer training on de-escalation and use of force.

Biden vetoed the Bill on the third anniversary of Floyd’s death. During an arrest made on May 25, 2020, Floyd was choked to death by a police officer in Minneapolis who knelt on his neck and back, which caused a lack of oxygen.

After his murder, protests against police brutality, especially towards black people, quickly spread across the United States. His dying words, “I can’t breathe”, became a rallying slogan.

President Biden urged Congress to pass meaningful reform legislation, including the George Floyd Justice in Policing Act.

U.S. Construction Spending Jumps Much More Than Expected In April

Construction spending in U.S. jumped by much more than expected in the month of April, according to a report released by the Commerce Department on Thursday.

The Commerce Department said construction spending surged by 1.2 percent to an annual rate of $1.908 trillion in April after rising by 0.3 percent to a revised rate of $1.885 trillion in March. Economists had expected construction spending to inch up by 0.2 percent.

The sharp increase in construction spending was partly due to a spike in spending on private construction, which shot up by 1.3 percent to an annual rate of $1.501 trillion in April.

Spending on residential construction rose by 0.5 percent to a rate of $845.4 billion, while spending on non-residential construction soared by 2.4 percent to a rate of $655.3 billion.

The report said spending on public construction on also jumped by 1.1 percent to an annual rate of $407.7 billion in April.

While spending on educational construction edged down by 0.1 percent to a rate of $88.3 billion, spending on highway construction surged by 1.3 percent to a rate of $124.7 billion.

Elon Musk's Neuralink Gets FDA Approval For Human Trials

Elon Musk’s brain implant firm Neuralink said it has received approval from the U.S. Food and Drug Administration to conduct first-in-human clinical trials.

In a tweet, Neuralink said, “We are excited to share that we have received the FDA’s approval to launch our first-in-human clinical study! This is the result of incredible work by the Neuralink team in close collaboration with the FDA and represents an important first step that will one day allow our technology to help many people.”

The company, which is developing implantable brain-computer interfaces, said it is yet to open recruitment for clinical trials and will announce more information on this soon.

Musk co-founded the neurotechnology company in 2016 to develop brain implants with hopes to help the paralyzed walk, the blind see and to help treat brain diseases like Parkinson’s, dementia and Alzheimer’s.

Since 2019, Musk was hoping that Neuralink would get FDA approval for human trials.

Previously, the FDA rejected a 2022 application to pursue human clinical trials, citing major safety concerns. The agency reportedly was concerned about the device’s lithium battery, the chances for the implant’s tiny wires to migrate to other areas of the brain, and questions about removing the device without damaging brain tissue.

Since then, the company has been working to resolve concerns expressed by the FDA over the safety of the implant.

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