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Market Update: Summit Therapeutics Shares Slump as Crude Oil Prices Decline Market Update: Summit Therapeutics Shares Slump as Crude Oil Prices Decline

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  Market Update: Summit Therapeutics Shares Slump as Crude Oil Prices Decline

U.S. stocks ended on a sour note, with the Nasdaq Composite experiencing a substantial drop, exceeding 200 points on Tuesday.

The Dow exhibited a 0.18% decline, closing at 38,557.86, while the NASDAQ plummeted by 1.30% to 15,570.84. The S&P 500 also suffered, recording a 0.73% decline to 4,969.26.

Consumer staples shares surged by 1.2% on Tuesday, providing one of the few bright spots in the market during this tough period enduring a significant decline.

Amidst this tough atmosphere, the Conference Board’s Leading Economic Index revealed a 0.4% decrease for January, missing market expectations.

Equities Trading Up

Amidst the sea of red, several stocks defied the trend and moved upward. Notably, Monopar Therapeutics Inc. saw its shares spike by an impressive 90% to $0.6472 after the company announced its receipt of Human Research Ethics Committee clearance in Australia to commence a Phase 1 dosimetry trial of its novel radiopharmaceutical MNPR-101-Zr.

Additionally, shares of Biofrontera Inc. received a boost, surging 68% to $1.25 following the company’s announcement of a private placement of up to $16 million, complying with Nasdaq rules, as well as a restructuring of its supply agreement with Biofronter AG.

Furthermore, TRxADE HEALTH, Inc. saw an admirable 94% increase in its shares to $8.04 after announcing the sale of assets of subsidiary Trxade, Inc. to Micro Merchant Systems for $22.5 million. There is potential for an additional $7.5 million payout.

Equities Trading Down

Not every stock was able to ride the upward wave, however. RAPT Therapeutics, Inc. experienced a 71% drop in its shares, falling to $7.53 after the FDA verbally notified a clinical hold on the company’s Phase 2B trial of zelnecirnon in atopic dermatitis and Phase 2A trial in asthma.

The most notable decline was that of Summit Therapeutics Inc., whose shares slumped by 28% to $3.6505 following the release of the company’s fourth-quarter results, leaving shareholders vexed and demoralized amid the broader market decline.

In addition, Fluor Corporation endured a challenging day, with its shares falling by 11% to $37.26 following its fourth-quarter results, compounding the general malaise in the market.

Commodities

As if the equities market weren’t gloomy enough, there was further bad news in the commodities market, with oil prices dipping by 1.9% to $77.72. However, gold managed to shine against the bleak backdrop, trading up 0.7% at $2,039.10.

Silver wasn’t immune to the commodities slide, declining by 1.5% to $23.12 on Tuesday, while copper defied the bearish trend, rising by a modest 0.6% to $3.8620.

Eurozone

The eurozone experienced a mixed closing, with the STOXX 600 falling by 0.10%, the FTSE 100 declining by 0.12%, and Spain’s IBEX 35 Index enjoying a 0.94% rise.

In December, construction output in the Eurozone surged impressively by 1.9% compared to the previous year, marking the sharpest surge since February, and underlining the economic complexity of modern Europe.

Furthermore, the current account surplus in the Eurozone saw a significant rise to €42.66 billion in December, compared to €16.62 billion in the year-ago period. In addition, passenger car registrations in the European Union exhibited a robust 12.1% year-over-year jump to 851.7 thousand units in January.

Asia Pacific Markets

Despite the overall trend, Asian markets displayed resilience, with Japan’s Nikkei 225 falling by a mere 0.28%, Hong Kong’s Hang Seng Index rising by 0.57%, China’s Shanghai Composite Index gaining by 0.42%, and India’s S&P BSE Sensex demonstrating a strong 0.5% increase.

The news was pleasing from Hong Kong, where the unemployment rate remained unchanged at 2.9% in the three months ending January, providing a note of stability amidst the broader market volatility.

Economics

The US’s leading index recorded a 0.4% decline for January, falling short of market expectations. With this data in mind, investors will be watching closely for signs of economic recovery and stability as the year progresses.