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Mid-Afternoon Market Update: Gold Rises 2%; Bed Bath & Beyond Shares Slide

Lisa Levin
·4 min read

Toward the end of trading Thursday, the Dow traded down 0.74% to 34,136.80 while the NASDAQ rose 0.36% to 14,565.16. The S&P also fell, dropping 0.25% to 4,348.69.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 43,349,440 cases with around 695,110 deaths. India confirmed a total of at least 33,739,980 cases and 448,060 deaths, while Brazil reported over 21,399,540 COVID-19 cases with 596,120 deaths. In total, there were at least 233,286,300 cases of COVID-19 worldwide with more than 4,774,570 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Communication services shares jumped 0.5% on Thursday. Meanwhile, top gainers in the sector included Lizhi Inc. (NASDAQ: LIZI), up 12% and So-Young International Inc. (NASDAQ: SY) up 7%.

In trading on Thursday, consumer staples shares fell 0.9%.

Top Headline

CarMax, Inc. (NYSE: KMX) reported weaker-than-expected earnings for its second quarter on Thursday.

CarMax reported quarterly adjusted earnings of $1.72 per share, missing analysts’ estimates of $1.89 per share. The company’s quarterly sales came in at $7.99 billion, versus expectations of $6.85 billion.

Equities Trading UP

Virgin Galactic Holdings, Inc. (NYSE: SPCE) shares shot up 14% to $25.73 after the company announced it was cleared to fly FAA-licensed spaceflights following the conclusion of an FAA inquiry related to the Unity 22 flight in July.

Shares of Onion Global Limited (NYSE: OG) got a boost, shooting 36% to $9.27. Onion Global announced plans to launch the "LUCA Elite Club" events in its KOC community to enhance distribution channel efficiency.

AngioDynamics, Inc. (NASDAQ: ANGO) shares were also up, gaining 13% to $26.46 after the company reported upbeat Q1 results and raised FY22 sales guidance.

Check out these big movers of the day

Equities Trading DOWN

Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) shares tumbled 29% to $1.36 after the company reported pricing of $8.0 million underwritten public offering of common stock and warrants.

Shares of Jerash Holdings (US), Inc. (NASDAQ: JRSH) were down 13% to $6.85 as the company reported pricing of $7.0 million public offering of common stock.

Bed Bath & Beyond Inc. (NASDAQ: BBBY) was down, falling 20% to $17.83 after reporting downbeat quarterly results. The company also issued Q3 guidance below estimates.

Commodities

In commodity news, oil traded up 0.6% to $75.26, while gold traded up 2% to $1,756.60.

Silver traded up 3.2% Thursday to $22.175 while copper fell 2.1% to $4.1105.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 0.05%, the Spanish Ibex Index fell 0.94% and the German DAX 30 dropped 0.68%. Meanwhile, the London’s FTSE 100 fell 0.31%, French CAC 40 dropped 0.62% and Italy’s FTSE MIB slipped 0.21%.

Annual house price growth in the UK eased to 10% in September from 11% in the prior month, while current account deficit shrank to GBP 8.6 billion in the June quarter from GBP 8.8 billion in the prior period. The British economy grew by 5.5% on quarter during the third quarter.

German unemployment rate stood at 3.6% in August unchanged from August’s 16-month low level. Annual inflation rate in France rose to 2.1% in September from 1.9% in August, while Spain's retail sales fell 0.9% from a year ago in August.

Economics

The US economy grew at a rate of 6.7% on quarter during the second quarter.

US initial jobless claims increased rose for a third consecutive week to 362,000 in the week ending September 25.

Corporate profits rose 10.5% to a record high of $2.44 trillion during the second quarter.

The Chicago PMI fell to 64.7 for September from 66.8 in August.

US natural-gas supplies climbed 88 billion cubic feet last week, the Energy Information Administration said.

Data on farm prices for August will be released at 3:00 p.m. ET.

Check out the full economic calendar here

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