Dow Rises Over 50 Points; AutoZone Posts Downbeat Earnings

Author: Avi Kapoor | September 24, 2024 08:41am

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.16% to 42,192.35 while the NASDAQ rose 0.24% to 18,016.58. The S&P 500 also rose, gaining, 0.08% to 5,723.30.

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Leading and Lagging Sectors

Materials shares jumped by 1.1% on Tuesday.

In trading on Tuesday, real estate shares fell by 0.5%.

Top Headline

AutoZone, Inc (NYSE:AZO) reported weaker-than-expected earnings for its fourth quarter on Tuesday.

The company posted fourth-quarter earnings per share of $51.58, missing the Street view of $53.53. Quarterly revenues of $6.205 billion (+9.0% year over year) marginally missed the analyst consensus of $6.221 billion. Excluding sales from the additional week included in this year's quarter, adjusted sales were up 2.6%.

Equities Trading UP

Maison Solutions Inc. (NASDAQ:MSS) shares shot up 151% to $1.8399 after the company reported a year-over-year increase in first-quarter sales results.
Shares of Seelos Therapeutics, Inc. (NASDAQ:SEEL) got a boost, surging 115% to $0.4040 after the company announced it signed a material transfer agreement to supply SLS-002 for the Department of Defense’s military and veterans adaptive platform clinical trial for PTSD.
Banzai International, Inc. (NASDAQ:BNZI) shares were also up, gaining 75% to $7.31. Banzai announced $24.8 million debt payoff and restructuring agreements with participation from company insiders.

Equities Trading DOWN

BioVie Inc. (NASDAQ:BIVI) shares dropped 53% to $1.32 after the company announced it raised $3 million through a secondary offering of 1.96 million shares at $1.53 per share.
Shares of Laser Photonics Corporation (NASDAQ:LASE) were down 27% to $13.78. Laser Photonics appointed Robert Hoffman as its new Outside Sales Director.
ReShape Lifesciences Inc (NASDAQ:RSLS) was down, falling 19% to $6.45.

Commodities

In commodity news, oil traded up 2.1% to $71.87 while gold traded down 0.1% at $2,652.20.

Silver traded up 0.2% to $31.16 on Tuesday, while copper rose 2.8% to $4.4710.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.4%, Germany's DAX gained 0.3% and France's CAC 40 gained 1.1%. Spain's IBEX 35 Index fell 0.2%, while London's FTSE 100 rose 0.1%.

The Ifo Business Climate indicator for Germany fell to 85.4 in September versus 86.6 in the previous month.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan's Nikkei 225 gaining 0.57%, Hong Kong's Hang Seng Index jumping 4.13%, China's Shanghai Composite Index gaining 4.15% and India's BSE Sensex gaining 0.02%.

The au Jibun Bank Flash Japan composite PMI declined to 52.5 in September compared to a final reading of 52.9 in August.

Economics

The S&P CoreLogic Case-Shiller home price index in increased by 5.9% year-over-year in July compared to a 6.5% rise in the previous month.
The FHFA house prices index rose 0.1% in July, compared to market estimates of a 0.2% increase.

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