US Stocks Mixed; ScanSource Reports Weak Q4 Results

U.S. stocks traded mixed this morning, with the Dow Jones index gaining over 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.16% to 41,240.52 while the NASDAQ fell 0.42% to 17,651.68. The S&P 500 also fell, dropping, 0.22% to 5,604.73.

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Leading and Lagging Sectors

Health care shares climbed by 0.2% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.6%.

Top Headline

ScanSource, Inc. SCSC reported worse-than-expected fourth-quarter financial results.

ScanSource reported quarterly earnings of 80 cents per share which missed the analyst consensus estimate of 93 cents per share. The company reported quarterly sales of $746.113 million which missed the analyst consensus estimate of $843.143 million.

ScanSource said it sees FY25 revenues of $3.1 billion to $3.5 billion, versus estimates of $3.47 billion.

Equities Trading UP
                       

• Ensysce Biosciences, Inc. ENSC shares shot up 66% to $0.7176 after the company received a $14 million multi-year grant from the NIH for the continued development of its PF614-MPAR, an abuse-deterrent opioid with overdose protection.
• Shares of Addex Therapeutics Ltd ADXN got a boost, surging 64% to $12.25 after the company and Indivior selected clinical candidates from their GABAB positive allosteric modulator research collaboration. The company is eligible for up to $330 million on achievement of milestones and royalties.
• VOXX International Corporation VOXX shares were also up, gaining 50% to $4.25 after announcing strategic alternatives process to maximize valuation.

Equities Trading DOWN

• Altisource Asset Management Corporation AAMC shares dropped 47% to $1.25 after the company announced intention to voluntarily delist and deregister its common stock from the NYSE American LLC.
• Shares of COSCIENS Biopharma Inc. CSCI were down 35% to $3.80 after the company announced results from Phase 3 DETECT-trial of AEZS-130-P02.
• Lixte Biotechnology Holdings, Inc. LIXT was down, falling 15% to $1.75.

Commodities

In commodity news, oil traded down 1% to $76.67 while gold traded down 0.4% at $2,545.10.

Silver traded down 0.3% to $29.92 on Tuesday, while copper rose 0.3% to $4.2915.

Euro zone

European shares were mostly higher today. 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%.

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 fell to a reading of -22.0 heading into September compared to a revised -18.6 in the prior period.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 0.47%, Hong Kong's Hang Seng Index gaining 0.43%, China's Shanghai Composite Index falling 0.24% and India's BSE Sensex rising 0.02%.

Hong Kong’s trade deficit narrowed to $21.8 billion in July versus a $30 billion gap in the year-ago month, as exports increased more than imports.

Economics

• The S&P CoreLogic Case-Shiller home price index climbed by 6.5% year-over-year in June compared to a revised 6.9% rise in the prior month.
• The FHFA house price index fell 0.1% in June, compared to market expectations for a 0.2% gain.

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