Crude Oil Moves Lower; Summit Therapeutics Shares Plummet

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling over 200 points on Tuesday.

The Dow traded down 0.18% to 38,557.86 while the NASDAQ fell 1.30% to 15,570.84. The S&P 500 also fell, dropping, 0.73% to 4,969.26.

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Leading and Lagging Sectors

 

Consumer staples shares rose by 1.2% on Tuesday.

In trading on Tuesday, information technology shares fell by 1.8%.

 

Top Headline

 

The Conference Board's Leading Economic Index fell 0.4% for January, versus market expectations for a 0.3% decline.

 

Equities Trading UP

 

Monopar Therapeutics Inc. MNPR shares shot up 90% to $0.6472 after the company announced it received Human Research Ethics Committee clearance in Australia to commence a Phase 1 dosimetry trial of its novel radiopharmaceutical MNPR-101-Zr.

Shares of Biofrontera Inc. BFRI got a boost, surging 68% to $1.25 after the company announced a private placement of up to $16 million priced at the market per Nasdaq rules. Biofrontera ALSO announced restructuring of supply agreement with Biofronter AG.

TRxADE HEALTH, Inc. MEDS shares were also up, gaining 94% to $8.04. TRxADE HEALTH announced the sale of assets of subsidiary Trxade, Inc. to Micro Merchant Systems for $22.5 million, with potential additional $7.5 million payout.

 

Equities Trading DOWN

 

RAPT Therapeutics, Inc. RAPT shares dropped 71% to $7.53 after the FDA verbally notified clinical hold on the company's Phase 2B trial of zelnecirnon in atopic dermatitis and Phase 2A trial in asthma.

Shares of Summit Therapeutics Inc. SMMT were down 28% to $3.6505 after reporting fourth-quarter results.

Fluor Corporation FLR was down, falling 11% to $37.26 following fourth-quarter results.

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Commodities

 

In commodity news, oil traded down 1.9% to $77.72 while gold traded up 0.7% at $2,039.10.

Silver traded down 1.5% to $23.12 on Tuesday while copper rose 0.6% to $3.8620.

 

Euro zone

 

European shares closed mixed today. The eurozone’s STOXX 600 fell 0.10%, London’s FTSE 100 fell 0.12% while Spain’s IBEX 35 Index rose 0.94% The German DAX fell 0.14% French CAC 40 rose 0.34% while Italy’s FTSE MIB Index rose 0.08%.

Construction output in the Eurozone increased 1.9% from the prior year in December, recording the sharpest surge since February. The current account surplus in the Eurozone rose to €42.66 billion in December compared to €16.62 billion in the year-ago period. Passenger car registrations in the European Union jumped 12.1% year-over-year to 851.7 thousand units in January.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 falling 0.28%, Hong Kong’s Hang Seng Index rising 0.57%, China’s Shanghai Composite Index gaining 0.42% and India’s S&P BSE Sensex gaining 0.5%.

Hong Kong’s unemployment rate came in unchanged at 2.9% in the three months ending January.

 

Economics

 

US leading index fell 0.4% for January, versus market expectations for a 0.3% decline.

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