Gold Down 1%; CarMax Shares Gain After Q1 Earnings

U.S. stocks traded mixed midway through trading, with the Dow Jones index edging higher on Friday.

The Dow traded up 0.02% to 39,142.01 while the NASDAQ rose 0.08% to 17,735.71. The S&P 500, however, fell 0.05% to 5,470.35.

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Leading and Lagging Sectors

Communication services shares jumped by 0.7% on Friday.

In trading on Friday, financial shares fell by 0.7%.

Top Headline

Shares of CarMax Inc KMX gained around 2% on Friday after the company released first-quarter results.

The company reported a first-quarter FY25 total net sales and operating revenues decline of 7.5% year-on-year to $7.11 billion, missing the analyst consensus estimate of $7.245 billion. EPS of 97 cents topped the consensus estimate 94 cents.

Equities Trading UP
                       

• American Rebel Holdings, Inc. AREB shares shot up 125% to $0.6873 after the company signed a Connecticut distribution agreement with Dichello Distributors.
• Shares of Sharecare, Inc. SHCR got a boost, surging 78% to $1.3750 after the company agreed to be acquired by Altaris affiliate for $1.43 per share in cash.
• Sarepta Therapeutics, Inc. SRPT shares were also up, gaining 37% to $168.98 after the company announced FDA approval of an expansion to the labeled indication for ELEVIDYS to include individuals with Duchenne muscular dystrophy with a confirmed mutation in the DMD gene who are at least 4 years of age. Also, multiple firms raised their respective price targets on the stock.

Equities Trading DOWN

• Kaival Brands Innovations Group, Inc. KAVL shares dropped 46% to $1.54 after the company announced pricing of $6.0 million public offering.
• Shares of Crown Electrokinetics Corp. CRKN were down 20% to $0.0401 after the company announced a 1-for-150 reverse stock split.
• Smith & Wesson Brands, Inc. SWBI was down, falling 12% to $14.48 after the company reported quarterly earnings.

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Commodities

In commodity news, oil traded up 0.3% to $81.49 while gold traded down 1.1% at $2,344.00.

Silver traded down 3.4% to $29.775 on Friday, while copper fell 2.5% to $4.4485.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.46%, Germany's DAX fell 0.24% and France's CAC 40 fell 0.26%. Spain's IBEX 35 Index fell 0.82%, while London's FTSE 100 fell 0.16%.

The Eurozone manufacturing PMI fell to 45.6 in June from 47.3 in May, while services PMI fell to 52.6 in June from 53.2 a month ago.

The S&P Global UK composite PMI declined to 51.7 in June compared to 53.0 in May, while retail sales in the UK gained 2.9% month-over-month in May following a revised 1.8% fall in April. The HCOB Germany composite PMI fell to 50.6 in June compared to May’s reading of 52.4, while French composite PMI slipped to 48.2 from 48.9.

Asia Pacific Markets

Asian markets closed lower on Friday, with Japan's Nikkei falling 0.09%, Hong Kong's Hang Seng Index declining 1.67%, China's Shanghai Composite Index falling 0.24% and India's S&P BSE Sensex falling 0.1%.

The annual inflation rate in Hong Kong rose to 1.2% in May from 1.1% in the prior month, while Hong Kong’s current account surplus widened to HKD 100.96 billion during the first quarter from HKD 44.43 billion in the year-ago period.

The HSBC India Composite PMI climbed to 60.9 in June compared to 60.5 in the prior month, while au Jibun Bank Flash Japan composite PMI declined to 50.0 in June compared to 52.6 in May. The annual inflation rate in Japan rose to 2.8% in May versus 2.5% in the prior month.

Economics

• The S&P Global composite PMI climbed to 54.6 in June, notching its strongest level since April 2022, and compared to 54.5 in May.
• The S&P Global U.S. services PMI surged to 55.1 in June versus 54.8 a month ago.
• The S&P Global U.S. manufacturing PMI climbed to a three-month high level of 51.7 in June.
• The EIA said U.S. natural-gas supplies rose 71 billion cubic feet during the week ended June 14, , compared with market estimates of a 69 billion cubic feet gain.

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