The US stock market displayed mixed trading on Tuesday, with the Dow Jones Industrial Average gaining ground while the NASDAQ and S&P 500 experienced declines. The Dow closed 0.16% higher at 41,240.52, driven by a gain of over 50 points. However, the NASDAQ fell 0.42% to 17,651.68, and the S&P 500 dropped 0.22% to 5,604.73.
One notable factor influencing the market was ScanSource, Inc.’s (SCSC) release of worse-than-expected fourth-quarter financial results. The company reported earnings of 80 cents per share, falling short of the analyst consensus estimate of 93 cents per share. Sales also missed expectations, reaching $746.113 million compared to the anticipated $843.143 million. ScanSource’s outlook for FY25 revenue, projected to be between $3.1 billion and $3.5 billion, also fell below estimates of $3.47 billion.
Despite the overall market trend, several companies experienced significant stock price gains on Tuesday. Ensysce Biosciences, Inc. (ENSC) shares surged 66% to $0.7176 following the company’s receipt of a $14 million multi-year grant from the NIH for the continued development of its PF614-MPAR, an abuse-deterrent opioid with overdose protection.
Addex Therapeutics Ltd (ADXN) shares also climbed 64% to $12.25 after the company and Indivior announced the selection of clinical candidates from their GABAB positive allosteric modulator research collaboration. This agreement could potentially earn Addex up to $330 million upon the achievement of milestones and royalties.
VOXX International Corporation (VOXX) shares gained 50% to $4.25 after the company announced its intention to pursue strategic alternatives to maximize valuation.
While some stocks saw substantial gains, others faced declines. Altisource Asset Management Corporation (AAMC) shares plummeted 47% to $1.25 following the announcement of the company’s voluntary delisting and deregistration of its common stock from the NYSE American LLC.
COSCIENS Biopharma Inc. (CSCI) shares fell 35% to $3.80 after the company released results from its Phase 3 DETECT-trial of AEZS-130-P02. Lixte Biotechnology Holdings, Inc. (LIXT) shares also experienced a decline, dropping 15% to $1.75.
In commodity markets, oil traded down 1% to $76.67, while gold fell 0.4% to $2,545.10. Silver declined 0.3% to $29.92, while copper rose 0.3% to $4.2915.
Across the Atlantic, European markets closed mostly higher. The eurozone’s STOXX 600 gained 0.1%, Germany’s DAX rose 0.4%, and France’s CAC 40 fell 0.2%. Spain’s IBEX 35 Index rose 0.2%, while London’s FTSE 100 rose 0.2%. The German economy contracted by 0.1% quarter-over-quarter in the second quarter, following a 0.2% growth in the first quarter. The GfK Consumer Climate Indicator for Germany declined to a reading of -22.0 heading into September, compared to a revised -18.6 in the previous period.
In the Asia Pacific region, markets closed mostly higher on Tuesday. Japan’s Nikkei 225 gained 0.47%, Hong Kong’s Hang Seng Index rose 0.43%, China’s Shanghai Composite Index fell 0.24%, and India’s BSE Sensex increased by 0.02%. Hong Kong’s trade deficit narrowed to $21.8 billion in July, a significant improvement compared to the $30 billion gap observed in the year-ago month. This improvement was attributed to a faster increase in exports than imports.
On the economic front, the S&P CoreLogic Case-Shiller home price index climbed by 6.5% year-over-year in June, slightly lower than the revised 6.9% rise in the previous month. The FHFA house price index fell 0.1% in June, contradicting market expectations for a 0.2% gain.
