Mid-Afternoon Market Update: Crude Oil Up 2.5%; Aptose Biosciences Shares Spike Higher

Toward the end of trading Tuesday, the Dow traded down 0.12 percent to 24,723.95 while the NASDAQ slipped 0.35 percent to 6,935.81. The S&P also fell, dropping 0.14 percent to 2,679.67.

Leading and Lagging Sectors

Tuesday afternoon, the energy sector proved to be a source of strength for the market. Leading the sector was strength from Baytex Energy Corp (USA) BTE and Comstock Resources Inc CRK.

In trading on Tuesday, technology shares fell 0.65 percent. Meanwhile, top losers in the sector included RealNetworks Inc RNWK, down 5 percent, and Finisar Corporation FNSR down 5 percent.

Top Headline

Mallinckrodt PLC MNK announced plans to acquire Sucampo Pharmaceuticals, Inc. SCMP in a deal valued at around $1.2 billion.

Mallinckrodt offered $18 per share for Sucampo, representing around 6 percent premium over the stock's closing price on Friday.

Equities Trading UP

DelMar Pharmaceuticals Inc DMPI shares shot up 29 percent to $1.06 after the company disclosed a FDA Fast Track designation for VAL-083 in recurrent glioblastoma.

Shares of Aptose Biosciences Inc APTO got a boost, shooting up 31 percent to $2.33 after the company disclosed that the FDA has granted orphan drug designation to CG'806.

Pareteum Corp TEUM shares were also up, gaining 93 percent to $2.46 after the company disclosed that it has added Blockchain settlement for cryptocurrency.

Equities Trading DOWN

Sigma Labs Inc SGLB shares dropped 19 percent to $2.84 after jumping 151.80 percent on Friday.

Shares of Portola Pharmaceuticals Inc PTLA were down 10 percent to $49.57 after the company's Friday announcement that the FDA has extended its review period for the biologics license application for AndexXa, an anticoagulant antidote product candidate, by 90 days.

Long Blockchain Corp LTEA was down, falling around 19 percent to $4.89 after dipping 13.02 percent on Friday.

Commodities

In commodity news, oil traded up 2.5 percent to $59.93 while gold traded up 0.69 percent to $1,287.60.

Silver traded up 0.92 percent Tuesday to $16.595, while copper rose 1.22 percent to $3.278.

Eurozone

European markets are closed today for Boxing Day.

Economics

The Richmond Fed manufacturing index dropped to 20.00 in December, versus previous reading of 30. Economists were projecting a reading of 22.00.

The Dallas Fed manufacturing business index climbed to 29.70 for December, versus prior reading of 19.40. However, economists expected a reading of 20.00.