Dow Dips 100 Points; CarMax Earnings Miss Views

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 100 points on Thursday.

The Dow traded down 0.35% to 38,328.18 while the NASDAQ rose 0.50% to 16,251.71. The S&P 500 also rose, gaining, 0.03% to 5,162.19.Check This Out: How To Earn $500 A Month From Citigroup Stock Ahead Of Q1 Earnings Report

Leading and Lagging Sectors

Information technology shares rose by 0.1% on Thursday.

In trading on Thursday, financial shares fell by 1.3%.

Top Headline

CarMax Inc KMX reported weaker-than-expected fourth-quarter earnings.

CarMax reported a fourth-quarter FY24 sales decline of 1.7% year-on-year to $5.63 billion, missing the analyst consensus estimate of $5.79 billion. EPS of 32 cents missed the consensus estimate of 49 cents.

Equities Trading UP

Rallybio Corporation RLYB shares shot up 73% to $2.8150 after the company announced a collaboration with Johnson & Johnson to advance therapeutics for pregnant individuals at risk of FNAIT.

Shares of Eliem Therapeutics, Inc. ELYM got a boost, surging 59% to $4.2452. The company announced that it entered into a definitive acquisition agreement to acquire Tenet and it also entered into a securities purchase agreement for a $120 million private placement.

Rent the Runway, Inc. RENT shares were also up, gaining 128% to $16.85 after the company reported mixed fourth-quarter financial results and issued guidance.

Equities Trading DOWN

Aptevo Therapeutics Inc. APVO shares dropped 58% to $1.02 after the company priced its $4.6 million public offering.

Shares of Enlivex Therapeutics Ltd. ENLV were down 49% to $2.0250. The company announced topline results of its Phase II trial evaluating Allocetra in sepsis.

AVITA Medical, Inc. RCEL was down, falling 31% to $10.01 after the company announced an update to its expected commercial revenue for the first quarter of 2024. BTIG downgraded the stock from Buy to Neutral.

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Commodities

In commodity news, oil traded down 0.9% to $85.48 while gold traded up 0.6% at $2,363.00.

Silver traded up 0.6% to $28.23 on Thursday, while copper fell 0.3% to $4.2690.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 1% The German DAX fell 0.6% French CAC 40 fell 0.2% while Italy’s FTSE MIB Index fell 0.8%.

The European Central Bank kept interest rates unchanged for a fifth straight time during its April meeting.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 falling 0.35%, Hong Kong’s Hang Seng Index dropping 0.26%, China’s Shanghai Composite gaining 0.23% and India’s S&P BSE Sensex gaining 0.47%.

China's consumer prices rose 0.1% year-over-year in March, while producer prices fell by 2.8% year-over-year in March.

Economics

Producer prices in the U.S. rose 0.2% month-over-month in March compared to a 0.6% gain in February. However, analysts were expecting a gain of 0.3%.

U.S. initial jobless claims declined by 11,000 to 211,000 in the week ending April 6, compared to market estimates of 215,000.

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