Dow Drops Over 200 Points as Energy Fails to Offset Materials Plunge

The US stock market declined on Friday, with the Dow Jones index falling over 200 points. The Dow traded down 0.45% to 51,544.44, while the NASDAQ declined 0.16% to 26,376.37. The S&P 500 also fell, dropping by 0.24% to 7,619.32.

Energy shares rose 0.2%, but materials stocks plummeted by 1.4%. Securitize Corp saw its shares shoot up 10% to $9.81 after analyst Mark Palmer maintained the company with a Buy rating and raised the price target from $10 to $12.

Xenon Pharmaceuticals Inc, on the other hand, was down 29% to $40.55 due to a voluntary pause of new patient enrollment in psychiatry studies. This led multiple firms to lower their respective price targets on the stock.