Crude Oil Down Over 1%; Quoin Pharmaceuticals Shares Spike Higher

U.S. stocks traded lower toward the end of trading, with the S&P 500 edging lower on Monday.

The Dow traded down 0.20% to 39,007.30 while the NASDAQ fell 0.18% to 16,245.77. The S&P 500 also fell, dropping, 0.01% to 5,137.05.

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Leading and Lagging Sectors

Utilities shares rose by 0.9% on Monday.

In trading on Monday, communication services shares fell by 1.6%.

Top Headline

Super Micro Computer, Inc. SMCI will join the S&P 500 Index, effective March 18, S&P Dow Jones Indices, a division of S&P Global, said in a release. Deckers Outdoor Corporation DECK will replace Zions Bancorporation ZION in the S&P 500.

Equities Trading UP

Cardiff Oncology, Inc. CRDF shares shot up 16% to $3.3862 after the company reported better-than-expected fourth-quarter financial results, provided a clinical update on the Phase 2 randomized second-line ONSEMBLE trial in patients with RAS-mutated mCRC and announced the first patient was dosed in the randomized first-line RAS-mutated mCRC trial.

Shares of Quoin Pharmaceuticals, Ltd. QNRX got a boost, surging 23% to $3.4550 after the company announced FDA clearance to recruit teen subjects into both of its ongoing Netherton Syndrome clinical studies.

Renalytix Plc RNLX shares were also up, gaining 27% to $1.3250 after the company announced that it received an unsolicited approach from a publicly listed strategic diagnostics company.

Equities Trading DOWN

BioVie Inc. BIVI shares dropped 43% to $1.0850 after the company reported pricing of public offering.

Shares of BioCardia, Inc. BCDA were down 21% to $0.4599 after reporting interim results from Phase III CardiAMP cell therapy heart failure trial.

JOANN Inc. JOAN was down, falling 42% to $0.2937 following a Bloomberg report stating the company is contemplating a bankruptcy filing to restructure its debt and regain financial stability.

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Commodities

In commodity news, oil traded down 1.5% to $78.72 while gold traded up 1.5% at $2,126.00.

Silver traded rose 2.7% to $23.99 on Monday while copper fell 0.2% to $3.8530.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.03%, London’s FTSE 100 fell 0.55% while Spain’s IBEX 35 Index rose 0.05% The German DAX declined 0.11% French CAC 40 rose 0.28% while Italy’s FTSE MIB Index fell 0.07%.

The number of people registering as jobless in Spain declined by 0.3% to 2.76 million in February.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan’s Nikkei 225 gaining 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 gaining 0.2%.

Singapore’s manufacturing PMI slipped to 50.6 in February from 50.7 in the prior month.

Economics

No economic report of significance is due for Monday.

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