U.S. stock indices exhibited diverse performance in the initial hours of trading on Tuesday. The Nasdaq Composite index rose by more than 50 points, marking a 0.31% increase to reach 23,469.03 points by market open. In contrast, the Dow Jones Industrial Average experienced a slight decrease, falling 0.03% to 48,962.01. The S&P 500 index moved upward by 0.14%, arriving at 6,911.52 points.
Sector analysis revealed distinct trends with energy stocks appreciating by 2.9%, reflecting investor interest in this segment. Conversely, utility stocks encountered a decline of 2.2%, detracting from overall market stability.
Corporate Earnings and Market Movers
AngioDynamics, Inc. (NASDAQ:ANGO) surpassed market expectations in its second-quarter financial results. The company reported adjusted earnings per share (EPS) of $0.00, outperforming analyst estimates which predicted a loss of $0.10 per share. Additionally, AngioDynamics reported revenue of $79.433 million, beating the anticipated $76.3 million figure. This positive earnings outcome contributed to investor confidence.
Among individual stocks, Alumis Inc. (NASDAQ:ALMS) emerged as a leading gainer, with shares soaring 148% to $20.54. This surge followed the announcement that both Phase 3 ONWARD1 and ONWARD2 clinical trials for their drug envudeucitinib in treating moderate-to-severe plaque psoriasis successfully met all primary and secondary endpoints, indicating robust trial results with potential market impact.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) shares increased by 73%, reaching $0.6699. The rise corresponded with the company's public declaration of an amended and restated letter of intent to acquire AZIO AI in a full merger transaction, signaling strategic expansion.
Cyclerion Therapeutics Inc. (NASDAQ:CYCN) also experienced a significant share gain, climbing 54% to $2.13. The company announced a broadening of its strategic collaboration with Medsteer, aiming to advance its closed-loop anesthetic platform CYC-126, a development which likely energized investors.
Stocks with Notable Declines
Instil Bio Inc. (NASDAQ:TIL) shares plunged 53% to $5.78 following the announcement that its subsidiary Axion Bio discontinued clinical development of AXN-2510. Furthermore, the termination of the licensing and collaboration agreement between Axion and ImmuneOnco Biopharmaceuticals for AXN-2510 and AXN-27M was confirmed, weighing on the stock.
MOBIX LABS, INC. (NASDAQ:MOBX) shares dropped 45% to $0.18 after the company priced a new offering of $6.0 million through 30 million shares of common stock, a move that likely diluted existing share value.
BitVentures Ltd – ADR (NASDAQ:BVC) declined by 23%, closing at $11.40.
Commodity Market Movements
In commodities, oil prices rose modestly by 0.5% to $58.58 per barrel. Gold prices appreciably gained 0.6%, trading at $4,477.40. Silver experienced a stronger uptick of 2.4%, reaching $78.505, while copper rose by 1.4% to settle at $6.0565.
International Market Activity
European equity markets mostly advanced. The eurozone-wide STOXX 600 increased by 0.3%, led by Spain's IBEX 35 Index which gained 0.5%. The United Kingdom's FTSE 100 was up 1.0%, Germany's DAX improved by 0.4%, whereas France's CAC 40 slightly declined by 0.3% during the session.
In the Asia-Pacific region, markets reflected mixed results. Japan's Nikkei 225 index rose 1.32%, Hong Kong's Hang Seng Index advanced 1.38%, and China's Shanghai Composite surged 1.50%. Conversely, India's BSE Sensex closed down 0.44%.
Economic Data Update
The Logistics Manager's Index showed a contraction for a second consecutive month, decreasing to 54.2 in December from 55.7 reported in the preceding two months, potentially indicating a softening in logistics sector growth.