S&P 500 Edges Higher; American Woodmark Shares Slide

Author: Avi Kapoor | August 27, 2024 02:41pm

U.S. stocks traded mixed toward the end of trading, with the S&P 500 gaining around 0.2% on Tuesday.

The Dow traded up 0.01% to 41,242.33 while the NASDAQ rose 0.24% to 17,768.84. The S&P 500 also rose, gaining, 0.20% to 5,628.04.

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Leading and Lagging Sectors

Information technology shares climbed by 0.7% on Tuesday.

In trading on Tuesday, energy shares fell by 1%.

Top Headline

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.

Equities Trading UP
                       

• Ensysce Biosciences, Inc. (NASDAQ:ENSC) shares shot up 37% to $0.5899 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 (NASDAQ:ADXN) got a boost, surging 49% to $11.18 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 (NASDAQ:VOXX) shares were also up, gaining 74% to $4.9710 after announcing strategic alternatives process to maximize valuation.

Equities Trading DOWN

• Altisource Asset Management Corporation (NASDAQ:AAMC) shares dropped 41% to $1.3890 after the company announced intention to voluntarily delist and deregister its common stock from the NYSE American LLC.
• Shares of COSCIENS Biopharma Inc. (NASDAQ:CSCI) were down 33% to $3.9501 after the company announced results from Phase 3 DETECT-trial of AEZS-130-P02.
• American Woodmark Corporation (NASDAQ:AMWD) was down, falling 11% to $89.23 after the company reported worse-than-expected first-quarter financial results and expects FY25 sales to decline in low single digits.

Commodities

In commodity news, oil traded down 2.2% to $75.69 while gold traded up 0.1% at $2,556.30.

Silver traded up 0.1% to $30.05 on Tuesday, while copper rose 0.5% to $4.3035.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.16%, Germany's DAX rose 0.35% and France's CAC 40 fell 0.32%. Spain's IBEX 35 Index rose 0.55%, while London's FTSE 100 rose 0.21%.

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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Posted In: AAMC ADXN AMWD CSCI ENSC VOXX