Positive Surge: Quoin Pharmaceuticals Makes a Splash While Crude Oil Takes a Dip Positive Surge: Quoin Pharmaceuticals Makes a Splash While Crude Oil Takes a Dip

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U.S. stocks faced a downturn in the final trading hours, with the S&P 500 inching lower on Monday.

The Dow slipped 0.20% to 39,007.30, while the NASDAQ declined 0.18% to 16,245.77. The S&P 500 also saw a decrease, dropping 0.01% to 5,137.05.

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

Market Movers

Utilities shares saw a rise of 0.9% on Monday.

In contrast, communication services shares witnessed a decline of 1.6% during trading.

Top Headline

Super Micro Computer, Inc. SMCI is set to join the esteemed S&P 500 Index on March 18, announced S&P Dow Jones Indices, a division of S&P Global. Meanwhile, Deckers Outdoor Corporation DECK will replace Zions Bancorporation ZION in the S&P 500.

Stocks on the Rise

Cardiff Oncology, Inc. CRDF shares soared 16% to $3.3862 following positive fourth-quarter financial results and updates on clinical trials.

Shares of Quoin Pharmaceuticals, Ltd. QNRX surged 23% to $3.4550 after the FDA granted clearance for teenage subject recruitment in ongoing Netherton Syndrome studies.

Renalytix Plc RNLX also experienced an uptick, climbing 27% to $1.3250 after receiving an unsolicited offer.

Stocks on the Decline

BioVie Inc. BIVI shares plummeted 43% to $1.0850 post-public offering pricing announcement.

Shares of BioCardia, Inc. BCDA slid 21% to $0.4599 after releasing Phase III CardiAMP cell therapy heart failure trial interim results.

JOANN Inc. JOAN witnessed a decline of 42% to $0.2937 amid reports of a potential bankruptcy filing for debt restructuring.

Commodity Update

In commodity news, oil saw a 1.5% decline, resting at $78.72, while gold rose by 1.5%, reaching $2,126.00.

Silver prices surged 2.7% to $23.99, but copper saw a slight dip of 0.2% to $3.8530 on Monday.

Euro Zone Recap

European markets saw mixed results at closing. The STOXX 600 in the eurozone fell by 0.03%, the FTSE 100 in London declined by 0.55%, while Spain’s IBEX 35 Index saw a slight 0.05% rise. The German DAX slipped by 0.11%, the French CAC 40 climbed 0.28%, and Italy’s FTSE MIB Index fell by 0.07%.

Spain reported a 0.3% decrease in the number of jobless individuals, now standing at 2.76 million as of February.

Asia Pacific Markets Update

Asian markets closed positively, with Japan’s Nikkei 225 up by 0.50%, Hong Kong’s Hang Seng Index climbing 0.04%, China’s Shanghai Composite Index gaining 0.41%, and India’s S&P BSE Sensex rising 0.2%.

Singapore’s manufacturing PMI saw a slight decline to 50.6 in February from 50.7 in the previous month.

Economic Insight

No significant economic reports are scheduled for Monday.

For more financial insights, explore: How To Earn $500 A Month From Nordstrom Stock Ahead Of Q4 Earnings Report

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