Tonight’s Highlights | Gold Hits Record High, Metsera Surges Over 60%

Before the new week’s market open, U.S. stock futures dipped slightly in a quiet news environment, signaling a small pullback for the major indices that hit record highs last week. International gold prices reached a new all-time high.  

 

As of this report, Nasdaq 100 futures fell 0.37%, S&P 500 futures dropped 0.33%, and Dow futures declined 0.36%.  

 

 

Compared to the Fed’s first rate cut of the year last week, this week is relatively light on economic events. Markets will focus on Friday’s PCE inflation data, the Fed’s preferred gauge, followed by next week’s non-farm payrolls and the October Q3 earnings season.  

 

As the oldest tool for hedging inflation and risk, spot gold broke $3,720 on Monday, hitting a record high, while silver reached its highest level since 2011. Last Friday, global gold ETFs saw a near-27-ton inflow, the largest single-day percentage gain since 2022.

 

Fed rate cuts typically boost non-yielding precious metals, with markets betting on two more cuts this year and geopolitical risks driving safe-haven demand. Gold has risen over 40% this year.  

 

In contrast, Bitcoin, often called “digital gold,” saw a sharp pullback on Monday, dropping over $2,800 intraday. Ethereum fell more than 6%. U.S. crypto treasury stocks also weakened.  

Other market news  

Tonight, Trump reportedly targets Tylenol

 

Kenvue, Tylenol’s maker, fell over 4% pre-market, nearing its 2023 spinoff low. Insiders say the Trump administration plans to announce Monday that Tylenol use by pregnant women may be linked to autism in children. Kenvue has repeatedly stressed no credible evidence connects acetaminophen to autism.  

 

Nvidia sets up first Middle East AI tech center, focusing on large models and robotics  

 

Abu Dhabi’s Technology Innovation Institute (TII) and Nvidia announced a joint research lab in the UAE on Monday, focusing on next-gen AI models and robotics platforms. TII said this is Nvidia’s first AI tech center in the Middle East. The institute will use specific edge GPU chips for robotics research, including humanoid robots, quadrupeds, and robotic arms.  

 

Pfizer acquires weight-loss drugmaker Metsera for up to $7.3 billion  

 

Metsera, a rising U.S. weight-loss drugmaker, surged over 60% pre-market to $53.60. Pfizer, after setbacks in the weight-loss drug space, announced its acquisition of Metsera with an upfront payment of $47.50 per share and up to $22.50 more upon hitting milestones, totaling $7.3 billion.

 

Milestones include $5 per share if Metsera’s MET-097i+MET-233i combo starts Phase III trials, $7 if MET-097i monotherapy gets FDA approval, and $10.50 if a monthly MET-097i+MET-233i combo is approved.  

 

iPhone 17 prone to scratches? Analysts say it won’t hurt sales  

 

Reports say iPhone 17, launched last Friday, faced user complaints about easily scratched backs, possibly due to its aluminum casing. Wall Street analysts aren’t concerned, saying this won’t impact Apple’s sales or profits.  

 

Porsche cuts profit outlook, drags Volkswagen down  

 

European markets opened Monday with auto stocks falling sharply. Porsche dropped over 7% after its fourth profit warning this year and delayed EV launches. Volkswagen, Porsche’s largest shareholder, also fell over 7%.  

 

Berkshire boosts Mitsui stake again after 3 weeks  

 

Mitsui & Co. disclosed Monday that Warren Buffett’s Berkshire Hathaway raised its stake above 10%, with potential for further increases. On August 28, Mitsui reported a Berkshire increase but below 10%.