Stock Market Update

[BRIEFING.COM] The major averages remain little changed from previous levels. 

CarMax (KMX 60.77, +4.22, +7.46%) is surging after its Q2 report featured better-than-expected earnings and revenue alongside signs of progress under its "Shift into GEAR" strategy. Comparable retail used unit sales jumped 13.0%, a sharp acceleration from last quarter's 0.8% decline, as improved price competitiveness and customer conversion helped drive stronger volumes. Total gross profit increased 11.4% despite some pressure on gross margin and per-unit profitability, while CarMax Auto Finance income rose 32.1%.

Although CarMax is not an S&P 500 component, its results are providing a boost to peer Carvana (CVNA 64.26, +3.78, +6.26%), which is also moving sharply higher today. The group is getting some additional support from relatively steady Treasury yields following yesterday's sharp rate-driven market retreat.