These 2 Stocks Could Stop a Santa Claus Rally
The stock market finally had a strong performance on Wednesday, but Thursday morning brought back some gloominess to Wall Street. Economic reports showed stronger U.S. gross domestic product growth in the third quarter than previously estimated, suggesting to some investors that the Federal Reserve could have room to tighten further than they had hoped. Futures contracts on major market indexes were down in the neighborhood of half a percent as of 9 a.m. ET.
Earnings season won't start in earnest for a few more weeks, but a handful of companies are reporting their latest results. Releases from CarMax (NYSE: KMX) and Micron Technology (NASDAQ: MU) didn't live up to the expectations their shareholders had for the two businesses, and some of the things CarMax and Micron said raised broader concerns that could spread throughout their respective industries in 2023.
Shares of CarMax dropped sharply in premarket trading Thursday morning, falling 15%. The used-car retailer reported fiscal third-quarter results for the period ending Nov. 30 that showed unexpectedly strong headwinds in its business and clear signs of weaker consumer demand.
Source Fool.com
