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Key Takeaways
- Major U.S. equities indexes lost ground in recent trading, in the third straight day of losses.
- CarMax shares tumbled after the used car retailer posted earnings that missed estimates.
- Intel shares surged following a report it’s seeking an investment from Apple.
Major U.S. equities indexes lost ground in recent trading, in the third straight day of losses as investors digested several economic indicators. The Dow, S&P 500, and Nasdaq were all lower.
CarMax (KMX) was the worst-performing stock in the S&P 500 after the biggest used car retailer posted weaker-than-expected results. Vehicle sales fell and CEO Bill Nash called the quarter “challenging.”
Oracle (ORCL) shares also declined after Rothschild Redburn analysts initiated coverage with a “sell” rating, saying the market is overestimating the cloud software company’s revenue outlook.
Shares of Intel (INTC) surged following a report the chipmaker is looking for an investment from iPhone maker Apple (AAPL). Apple shares ticked slightly higher.
IBM (IBM) shares gained after financial partner HSBC (HSBC) said the two have shown evidence that quantum computing can improve predictability of bond trading outcomes. U.S.-listed shares of HSBC fell.
Lithium Americas (LAC) shares added to yesterday’s jump on indications the Trump administration is looking to take a stake in the lithium miner.
Oil and gold futures slid. The yield on the 10-year Treasury note was up. The U.S. dollar increased versus the euro, pound, and yen. Prices for most major cryptocurrencies were lower.
