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U.S. stocks traded lower this morning, with the Dow Jones dropping around 250 points on Friday.
Following the market opening Friday, the Dow traded down 0.74% to 33,695.28 while the NASDAQ fell 0.98% to 13,497.22. The S&P 500, also fell, dropping, 0.78% to 4,347.58.
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Top Headline
CarMax Inc (NYSE:KMX) reported better-than-expected first-quarter results.
CarMax reported a first-quarter FY23 sales decline of 17.4% year-on-year to $7.69 billion, beating the analyst consensus of $7.53 billion. Adjusted EPS of $1.16 beat the consensus estimate of $0.79.
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In commodity news, oil traded down 1.6% to $68.39 while gold traded up 0.4% at $1,930.50.
Silver traded down 0.3% to $22.39 on Friday while copper fell 1.8% to $3.8215.
European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.9% The German DAX dropped 1% French CAC 40 fell 0.4% and Italy’s FTSE MIB Index fell 0.5%.
The HCOB Eurozone services PMI declined by 1.7 points from the prior month to a reading of 52.4 in June, while manufacturing PMI slipped by 1.2 points to 43.6. The HCBO France Composite PMI declined to 47.3 in June from 51.2 a month ago, while Germany composite PMI fell to 50.8 from 53.9. Spanish quarterly economic growth was revised higher to 0.6% for the first quarter, higher than the preliminary reading of 0.5%.
The S&P Global/CIPS UK services PMI declined to 53.7 in June from 55.2 in the prior month, while manufacturing PMI fell to 46.2 from 47.1. Retail sales in the UK increased by 0.3% from the earlier month in May, compared to a 0.5% growth in April.
Asian markets closed lower on Friday, with Japan’s Nikkei 225 dropping 1.45%, Hong Kong’s Hang Seng Index falling 1.71% and India’s S&P BSE Sensex falling 0.4%.
The au Jibun Bank Japan composite PMI fell to 52.3 in June versus a final reading of 54.3 in the previous month. The annual inflation rate in Japan fell to 3.2% in May versus April's three-month high level of 3.5%. The Judo Bank Australia composite PMI fell to 50.5 in June from 51.6 a month ago.
Economics
The Baker Hughes rig-count report for the latest week will be released at 1:00 p.m. ET.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,271,460 cases with around 1,167,610 deaths. India confirmed a total of at least 44,993,760 cases and 531,900 deaths, while France reported over 40,130,080 COVID-19 cases with 167,590 deaths. In total, there were at least 690,674,420 cases of COVID-19 worldwide with more than 6,893,780 deaths.
