Nasdaq Gains 100 Points; CarMax Earnings Top Views

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 100 points on Thursday.

The Dow traded up 0.37% to 37,218.15 while the NASDAQ rose 0.73% to 14,885.76. The S&P 500 also rose, gaining, 0.50% to 4,721.72.

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Leading and Lagging Sectors

Materials shares jumped by 0.7% on Thursday.

In trading on Thursday, utilities shares fell by 0.4%.

Top Headline

Shares of CarMax, Inc. KMX gained during Thursday’s session following better-than-expected quarterly earnings.

KMX reported a third-quarter sales decline of 5.5% year-on-year to $6.15 billion, missing the analyst consensus estimate of $6.33 billion. EPS of $0.52 beat the consensus estimate of $0.44.

Equities Trading UP

Triumph Group, Inc. TGI shares shot up 32% to $16.17 after the company entered into a definitive agreement with AAR to sell its Product Support business.

Shares of HOOKIPA Pharma Inc. HOOK got a boost, surging 76% to $0.9923 after the company announced a $21.25 million equity investment from Gilead Sciences.

Annexon, Inc. ANNX shares were also up, gaining 21% to $3.4750. On Wednesday, Annexon Inc ANNX reported results from the Phase 1 single ascending dose (SAD) and multiple ascending dose (MAD) healthy volunteer study of ANX1502 that targets the active form of C1s responsible for propagating classical pathway activation in association with C1q.

Equities Trading DOWN

Panbela Therapeutics, Inc. PBLA shares dropped 27% to $0.8801. Panbela Therapeutics entered into agreements with certain stockholders for $2 million private placement of existing warrants exercisable for 2,556,000 of its common stock, in aggregate, to exercise outstanding warrants at $0.78 per share in exchange for new warrants.

Shares of Clene Inc. CLNN were down 42% to $0.2978. Clene reported new data from 12-month long-term open label extension of CNM-Au8 treatment arm in HEALEY ALS platform trial.

Longeveron Inc. LGVN was down, falling 22% to $1.2650 after the company announced a $2.36 million registered direct offering priced at-the-market under Nasdaq rules.

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Commodities

In commodity news, oil traded down 1.3% to $73.23 while gold traded up 0.3% at $2,053.40.

Silver traded down 0.2% to $24.595 on Thursday while copper rose 0.1% to $3.9110.

Euro zone

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.21%, London’s FTSE 100 fell 0.27% while Spain’s IBEX 35 Index rose 0.03% The German DAX fell 0.27% French CAC 40 fell 0.16%, while Italy’s FTSE MIB Index fell 0.29%.

The manufacturing climate indicator in France climbed to 100 in December versus 99 in the prior month. Industrial producer prices in Italy fell 12.6% year-over-year in November following a 9.5% decline a month ago.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 falling 1.59%, Hong Kong’s Hang Seng Index gaining 0.04% and China’s Shanghai Composite Index gaining 0.57%. India’s S&P BSE Sensex, meanwhile, rose 0.51%.

The annual inflation rate in Hong Kong fell to 2.6% in November compared to October’s one-year high level of 2.7%. Hong Kong’s current account surplus shrank to HKD 103.6 billion in the third quarter compared to HKD 117.3 billion in the year-ago period.

Economics

The Philadelphia Fed Manufacturing Index in the U.S. fell to -10.5 in December from -5.9 in the previous month.

Corporate profits in the U.S. increased by 3.7% from the prior period to $2.698 trillion in the third quarter.

U.S. initial jobless claims rose by 2,000 to 205,000 in the week ending Dec. 16, compared to market expectations of 215,000.

The U.S. economy grew an annualized 4.9% in the third quarter, down from 5.2% in the second estimate, but matching the 4.9% reading in the advance estimate.

U.S. natural gas supplies fell 87 billion cubic feet for the latest week, the EIA said.

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