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Stocks Slip in Midday Trade as Biotech Readouts Trigger Wild Swings

Clinical updates from small-cap drugmakers drove outsized movers, with crude lower and short‑term inflation views unchanged.

Overview

  • The Dow fell more than 200 points to 47,733.58, with the Nasdaq down 0.32% to 23,501.92 and the S&P 500 off 0.46% to 6,838.69.
  • Structure Therapeutics doubled after unveiling topline ACCESS data for aleniglipron targeting obesity and overweight with a weight‑related comorbidity.
  • Wave Life Sciences soared 124% on interim Phase 1 results showing WVE-007 produced GLP‑1‑like fat loss at three months without muscle loss and was generally well tolerated.
  • Fulcrum Therapeutics jumped 63% after initial Phase 1b PIONEER data showed a clear dose‑response and robust fetal hemoglobin induction for Pociredir in sickle cell disease.
  • Decliners included BiomX after discontinuing a Phase 2b CF trial of BX004, Meihua after disclosing an imminent Nasdaq delisting, and SMX, which fell 57% following a prior session’s 135% surge; crude oil slid 1.6% to $59.14 as one‑year U.S. inflation expectations held at 3.2%.