S&P 500 Edges Higher; America's Car-Mart Shares Tumble After Q4 Earnings

U.S. stocks traded mixed toward the end of trading, with the S&P 500 gaining around 0.1% on Tuesday.

The Dow traded down 0.02% to 38,771.09 while the NASDAQ fell 0.03% to 17,851.60. The S&P 500 also rose, gaining, 0.13% to 5,480.41.

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Leading and Lagging Sectors

Information technology shares jumped by 0.6% on Tuesday.

In trading on Tuesday, communication services shares fell by 1%.

Top Headline

America's Car-Mart Inc CRMT shares fell over 7% during Tuesday's session after the company reported worse-than expected fourth-quarter earnings.

The company reported a fourth-quarter FY24 sales decline of 5.8% year-on-year to $364.67 million, beating the analyst consensus estimate of $361.47 million. EPS of 6 cents missed the analyst consensus estimate of 89 cents.

Equities Trading UP
                       

• Reliance Global Group, Inc. RELI shares shot up 127% to $0.5081 after the company said it expects the pending acquisition of Spetner Associates to close in the second half of 2024, projecting it to increase annualized revenue to approximately $28 million.
• Shares of Actelis Networks Inc ASNS got a boost, surging 89% to $2.1650 after the IoT solutions provider disclosed its partnership with Carahsoft, a leading U.S. IT Software and Services Company.
• Comtech Telecommunications Corp CMTL shares were also up, gaining 51% to $3.2701 after the company announced a new $222 million credit facility.

Equities Trading DOWN

• Taysha Gene Therapies Inc TSHA shares dropped 26% to $2.9950 after the company announced longer-term clinical data from the ongoing REVEAL Phase 1/2 adolescent and adult trial and initial clinical data from the REVEAL Phase 1/2 pediatric trial of TSHA-102 in Rett syndrome.
• Shares of DermTech, Inc. DMTK were down 51% to $0.1612 after the company filed for Chapter 11 protection and implemented a 20% workforce reduction to preserve cash.
• Quantum Corporation QMCO was down, falling 50% to $0.3918 following weaker-than-expected FY 2024 results.

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Commodities

In commodity news, oil traded up 1.2% to $81.26 while gold traded up 0.7% at $2,344.10.

Silver traded up 0.5% to $29.55 on Tuesday, while copper rose 0.9% to $4.4890.

Euro zone

European shares closed higher today. The eurozone's STOXX 600 gained 0.69%, Germany's DAX rose 0.35% and France's CAC 40 gained 0.76%. Spain's IBEX 35 Index rose 0.99%, while London's FTSE 100 climbed 0.60%.

Annual inflation rate in the Eurozone accelerated to 2.6% in May from 2.4% in the previous month, while ZEW Indicator of Economic Sentiment rose by 4.3 points to a reading of 51.3 in June.

The ZEW Indicator of Economic Sentiment for Germany rose to 47.5 in June, notching the highest reading since February 2022.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei gaining 1%, Hong Kong's Hang Seng Index declining 0.11%, China's Shanghai Composite Index gaining 0.48% and India's S&P BSE Sensex gaining 0.4%.

Singapore’s non-oil domestic exports slipped 0.1% year-over-year for May versus a sharp 9.6% decline in the prior month.

Economics

• U.S. retail sales rose 0.1% month-over-month in May compared to a revised 0.2% declined in April and missing market expectations of 0.2% gain.
• U.S. industrial production increased 0.9% month-over-month in May, topping market estimates of a 0.3% gain.

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