Financial News Article Market Downturn: Crude Oil Declines and Summit Therapeutics Shares Plummet

Photo of author

By Ronald Tech

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.

Check This Out: Top 4 Tech Stocks That May Crash This Month

Market Performance

Consumer staples shares rose by 1.2% on Tuesday, while 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.

Stocks on the Rise

Monopar Therapeutics Inc. shares surged 90% after the company announced a significant development in a Phase 1 dosimetry trial. Additionally, Biofrontera Inc. and TRxADE HEALTH, Inc. saw notable increases following announcements of private placements and asset sales, respectively.

Declining Equities

RApt Therapeutics, Inc. and Summit Therapeutics Inc. witnessed substantial drops in their share prices due to regulatory notifications and disappointing financial results. Additionally, Fluor Corporation’s stock fell following its fourth-quarter results.

Commodity Movements

Oil traded down 1.9% to $77.72, while gold traded up 0.7% at $2,039.10. Silver also experienced a decline, while copper rose slightly on Tuesday.

European and Asian Markets

European shares closed mixed, with varying performance in major indexes. Meanwhile, Asian markets demonstrated different trajectories, with Japan’s Nikkei 225 falling and Hong Kong’s Hang Seng Index rising.

Key Economic Indicators

The US leading index fell 0.4% for January, against market expectations. Unemployment rate data from Hong Kong was also released, showing stability in the labor market.

See also  Exploring Healthcare Investment Opportunities in 2024 Exploring Healthcare Investment Opportunities in 2024