Dow Tumbles Over 600 Points; Mineralys Therapeutics Shares Spike Higher

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 700 points on Monday.

The Dow traded down 1.43% to 42,190.51 while the NASDAQ dipped 3.90% to 17,486.28. The S&P 500 also fell, dropping, 2.46% to 5,628.52.

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Leading and Lagging Sectors

Energy shares rose by 2.1% on Monday.

In trading on Monday, information technology shares dipped by 4.1%.

Top Headline

U.S. consumer inflation expectations for the year ahead increased to 3.1% in February from 3% in the prior three months.

Equities Trading UP
                       

• Mineralys Therapeutics, Inc. MLYS shares shot up 53% to $16.13 after the company reported topline data from its pivotal LAUNCH-HTN Phase 3 and ADVANCE-HTN Phase 2 trials of Lorundrostat for hypertension. Both trials met the primary endpoint.
• Shares of Redfin Corporation RDFNgot a boost, surging 72% to $10.03 after Rocket Companies announced it will acquire the company in an all-stock transaction valued at $12.50 per share.
• Checkpoint Therapeutics, Inc. CKPT shares were also up, gaining 64% to $4.0450 after Sun Pharma announced it will acquire the company in a $365 million deal.

Equities Trading DOWN

• NET Power Inc. NPWR shares dropped 58% to $2.8899 after the company reported fourth-quarter GAAP loss of 46 cents per share versus a year-ago profit of 34 cents per share.
• Shares of Rocket Companies, Inc. RKT were down 13% to $13.73. Rocket Companies agreed to acquire Redfin Corp. RDFN, a digital real estate platform, in an all-stock transaction valued at $12.50 per share, or approximately $1.75 billion in equity.
• Robinhood Markets, Inc. HOOD was down, falling 14% to $38.35.

Commodities

In commodity news, oil traded down 0.9% to $66.45 while gold traded up 0.1% at $2,914.90.

Silver traded down 0.5% to $32.635 on Monday, while copper fell 1% to $4.6620.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.28%, Germany’s DAX 40 fell 1.86% and France’s CAC 40 fell 0.64%. Spain’s IBEX 35 Index fell 1.47%, while London’s FTSE 100 fell 0.80%.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei gaining 0.38%, China’s Shanghai Composite Index falling 0.19% and Hong Kong’s Hang Seng Index falling 1.85%, India’s BSE Sensex falling 0.29%.

Economics

U.S. consumer inflation expectations for the year ahead increased to 3.1% in February from 3% in the prior three months.

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