U.S stocks started the month of April just how they ended March, with a modest selloff. The broader market averages fell about 0.4% across the board, led by the health care sector for the second straight session. On the other hand, the telecom sector rallied nearly 1% on Wednesday.
Elsewhere, crude oil gained more than 4% and the spot price of gold moved nearly 2% higher. On the other hand, the yield on the benchmark, 10-year Treasury fell more than six basis points today, to 1.856%.
In a down market, Dyax (DYAX) was the big winner on the session. The biotech firm received fast-track status from the FDA for its hereditary angioedema treatment, following positive, early-stage clinical results.
Web services provider GoDaddy (GDDY) gained more than 30% to $26.15 in its first day of trading as a public company. That said, if you bought this IPO at its opening price, you are exactly flat on your position.
In after-hours action, Micron Technology (MU) is trading more than 5% higher after management posted better-than-expected quarterly results. Excluding one-time items, the company earned $0.81 a share in the February quarter, vs. the estimate of $0.73, on $4.17 billion of revenue.
Looking ahead to Thursday morning, consumer names CarMax (KMX) and Perry Ellis (PERY) headline a light earnings calendar. On the economic front, traders will be paying close attention to the initial jobless claims report at 8:30 a.m. ET, after today's ADP jobs report fell short of expectations. As a reminder, Thursday is the last day of trading this week in the domestic markets, ahead of the Good Friday holiday.
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