US stock markets ended the day with mixed results. The Nasdaq Composite rose over 100 points, indicating optimism in the tech sector, while the Dow Jones Industrial Average dipped by 0.39%, suggesting a slight pullback in broader market sentiment. The S&P 500 also closed in the green, gaining 0.24%.
Energy stocks took a hit, falling by 2% on Tuesday. This decline was driven by a significant drop in oil prices. WTI crude oil futures fell by more than 4%, reaching their lowest point in two months. This drop was triggered by OPEC’s revised demand projection, which lowered its global oil demand growth forecast for 2024 by 80,000 barrels per day.
Despite the overall mixed performance, some stocks experienced significant gains. BIO-key International, Inc. (BKYI) shares surged by a massive 120% after the company secured a $500,000 order from a government defense ministry. Mission Produce, Inc. (AVO) shares jumped 21% following the release of better-than-expected third-quarter financial results. Avid Bioservices, Inc. (CDMO) shares also gained 17% after reporting a narrower-than-expected quarterly loss.
However, some stocks faced downward pressure. Edgio, Inc. (EGIO) shares plummeted by 32% after the company filed for Chapter 11 bankruptcy protection. Cognyte Software Ltd. (CGNT) shares fell by 14% following the release of their second-quarter results. Alimera Sciences, Inc. (ALIM) shares dropped by 18% after the company announced a lawsuit against ANI Pharmaceuticals for a breach of contract in their merger agreement.
In commodity markets, gold prices edged up by 0.4%, reaching $2,541.90, while silver prices dipped by 0.3%. Copper also experienced a decline, falling by 1.3%.
European stock markets closed lower. The Eurozone’s STOXX 600 index fell by 0.54%. Germany’s DAX index dropped by 0.96%, and France’s CAC 40 index fell by 0.24%. Spain’s IBEX 35 index declined by 0.61%, and London’s FTSE 100 index also closed lower by 0.78%.
Despite the downward trend in European markets, some positive economic indicators were reported. Regular pay in the UK, excluding bonuses, rose by 5.1% year-over-year, reaching GBP 647 per week in the three months to July. The UK’s unemployment rate also declined to 4.1% from May to July.
Industrial production in Italy declined by 0.9% month-over-month in July. Spain’s industrial output also declined by 0.4% year-over-year in July. Germany’s annual inflation rate eased to 1.9% in August, down from 2.3% in the previous month.
Asian markets closed mostly higher on Tuesday. Japan’s Nikkei 225 index fell slightly by 0.16%, while Hong Kong’s Hang Seng Index gained 0.22%. China’s Shanghai Composite Index rose by 0.28%, and India’s BSE Sensex gained 0.44%.
Japan’s machine tool orders declined by 3.5% year-over-year in August. China’s trade surplus expanded to $91.02 billion in August, up from $67.81 billion in the same period last year.
The NFIB Small Business Optimism Index dropped to 91.2 in August, the lowest reading in three months. This index measures the sentiment of small business owners and is a key indicator of economic health.
