US stock markets displayed a mixed performance on Tuesday, with the Dow Jones Industrial Average edging slightly lower, while the tech-heavy NASDAQ and the broader S&P 500 Index managed to gain ground.
The Dow Jones index dipped by 0.04% to close at 42,109.03. In contrast, the NASDAQ Composite Index climbed by 0.51% to reach 18,065.98, and the S&P 500 Index rose by 0.14% to settle at 5,726.56.
Sector-wise, materials shares experienced a strong day, jumping by 1.2%. This positive performance contrasted with a 1.1% decline in financials shares.
Thor Industries Exceeds Earnings Expectations But Sales Forecast Falls Short
Thor Industries, Inc. (THO) reported better-than-expected earnings for its fourth quarter on Tuesday, delivering a positive surprise to investors. The company reported earnings per share of $1.68, exceeding the Wall Street consensus estimate of $1.43. However, the company’s quarterly sales, while outpacing analysts’ forecasts, still fell short of expectations, declining by 7.4% to reach $2.534 billion compared to the expected $2.471 billion. Looking ahead, Thor Industries indicated that it anticipates fiscal year 2025 sales to fall between $9.0 billion and $9.8 billion, a range below the current estimate of $10.49 billion. The company also expects earnings per share to be in the range of $4.00 to $5.00, below the estimated $6.65.
Stock Movers: Gains and Losses
Several stocks experienced notable gains on Tuesday. Maison Solutions Inc. (MSS) saw its shares soar by an impressive 115% to $1.5792 after the company announced a year-over-year increase in first-quarter sales results. Seelos Therapeutics, Inc. (SEEL) also witnessed a significant surge, with its shares jumping by 76% to $0.3356 following the announcement of a material transfer agreement to supply its SLS-002 drug for a Department of Defense clinical trial focused on post-traumatic stress disorder (PTSD) for military personnel and veterans. Wave Life Sciences Ltd (WVE) shares were also up by 53% to $8.18, driven by the release of interim data from its ongoing Phase 2 FORWARD-53 study of WVE-N531, a potential treatment for Duchenne muscular dystrophy.
On the other hand, some stocks faced declines. BioVie Inc. (BIVI) shares plunged by 56% to $1.2399 after the company revealed a $3 million capital raise through a secondary offering of 1.96 million shares at $1.53 per share. Laser Photonics Corporation (LASE) shares were down by 16% to $15.75 following the announcement of Robert Hoffman’s appointment as the company’s new Outside Sales Director. Light & Wonder, Inc. (LNW) saw its shares fall by 18% to $92.51 after Susquehanna Investment Group lowered its price target on the stock from $92 to $90.
Commodities and Global Markets
In commodity markets, oil prices rose by 1.3% to $71.31, while gold prices increased by 0.9% to reach $2,676.60. Silver traded up by a strong 4.2% to $32.385, and copper prices rose by 3.4% to $4.4940.
European markets closed higher on Tuesday, with the eurozone’s STOXX 600 Index gaining 0.65%. Germany’s DAX Index climbed by 0.80%, and France’s CAC 40 Index surged by 1.28%. Spain’s IBEX 35 Index rose by 0.33%, and London’s FTSE 100 Index gained 0.28%. However, the Ifo Business Climate indicator for Germany, a measure of business sentiment, fell to 85.4 in September, down from 86.6 in the previous month.
Asian markets also closed higher on Tuesday, with Japan’s Nikkei 225 Index increasing by 0.57%, Hong Kong’s Hang Seng Index jumping by 4.13%, China’s Shanghai Composite Index gaining 4.15%, and India’s BSE Sensex rising by 0.02%. The au Jibun Bank Flash Japan composite PMI, a gauge of manufacturing and services activity, declined to 52.5 in September, compared to a final reading of 52.9 in August.
Economic Data
Economic data released on Tuesday showed that the S&P CoreLogic Case-Shiller home price index increased by 5.9% year-over-year in July, slightly down from the 6.5% rise in the previous month. The FHFA house prices index rose by 0.1% in July, compared to market estimates of a 0.2% increase.
