Mid-Morning Market Update: Markets Mostly Higher; CarMax Tops Q1 Views

Following the market opening Friday, the Dow traded up 0.57% to 34,392.24 while the NASDAQ fell 0.06% to 14,360.84. The S&P also rose, gaining 0.20% to 4,275.16.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,577,710 cases with around 602,830 deaths. India confirmed a total of at least 30,082,770 cases and 391,980 deaths, while Brazil reported over 18,169,880 COVID-19 cases with 507,100 deaths. In total, there were at least 179,635,440 cases of COVID-19 worldwide with more than 3,892,810 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Financial shares rose by 0.9% on Friday. Meanwhile, top gainers in the sector included X Financial XYF, up 24%, and Vericity, Inc. VERY, up 17%.

In trading on Friday, information technology shares fell 0.1%.

Top Headline

CarMax, Inc. KMX reported stronger-than-expected results for its first quarter.

CarMax reported quarterly earnings of $2.63 per share, exceeding analysts’ estimates of $1.63 per share. The company’s quarterly sales came in at $7.7 billion, versus expectations of $6.24 billion.

CarMax reaffirmed long-term targets for sales of $33 billion.

 

Equities Trading UP

IKONICS Corporation IKNX shares shot up 44% to $16.29 after the company reported a merger deal with TeraWulf.

Shares of Grove, Inc. GRVI got a boost, shooting 38% to $7.73. Grove shares gained 12% on Thursday after the company priced its IPO at $5 per share.

Fuwei Films (Holdings) Co., Ltd. FFHL shares were also up, gaining 37% to $12.19 after the company reported a sharp rise in Q1 earnings and sales.

Check out these big movers of the day

Equities Trading DOWN

Globus Maritime Limited GLBS shares tumbled 28% to $3.99 after the company priced its 10 million share offering at $5 per share.

Shares of Oasis Midstream Partners LP OMP were down 14% to $24.03. Oasis Midstream Partners priced its public offering of 3.623 million common units

Marin Software Incorporated MRIN was down, falling 14% to $3.00 on profit-taking after the stock rallied over 100% on Thursday following announcement that it has added the ability to manage Instacart Ads to its flagship MarinOne platform.

Commodities

In commodity news, oil traded up 0.4% to $73.59, while gold traded up 0.6% to $1,787.90.

Silver traded up 0.9% Friday to $26.28 while copper fell 0.5% to $4.2905.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.1%, the Spanish Ibex Index fell 0.2% and the German DAX 30 fell 0.2%. Meanwhile, the London’s FTSE 100 rose 0.3%, French CAC 40 dropped 0.4% and Italy’s FTSE MIB gained 0.1%.

German Ifo Business Climate indicator increased 2.6% to 101.8 in June, while French manufacturing climate indicator came in unchanged at 107 in June. Spanish gross domestic product contracted 0.4% on quarter during the first three months of the year.

Economics

Personal income fell 2% month-over-month, while personal spending came in unchanged for May.

The University of Michigan's consumer sentiment index revised lower to 85.5 in June versus a preliminary reading of 86.4.

Cleveland Fed President Loretta Mester is set to speak at 11:35 a.m. ET.

The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.

Federal Reserve Bank of Boston President Eric Rosengren will speak at 1:00 p.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 3:00 p.m. ET.

Check out the full economic calendar here