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Midday Market Update

Stocks Mixed as Investors Weigh Yellen Speech, Brexit

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U.S. Market
U.S. stocks were largely flat Tuesday midday, as the market shrugged off Fed Chair Janet Yellen's remarks before Congress that the Fed remains cautious in the face of uncertainty. Investors continue to eye polls indicating whether or not the United Kingdom will vote to remain a member of the European Union. 

At midday the Dow and the S&P 500 were each up around 0.1%, while the Nasdaq was down about 0.1%.

Stocks on the Move
Shares of  CarMax (KMX) were down 3.5% after the company missed consensus earnings estimates. Earnings per share increased 4.7% year over year to $0.90, but missed estimates of $0.92. Morningstar equity strategist David Whiston acknowledges that the company started fiscal 2017 with "another soft quarter," but notes that  we don’t think CarMax’s business model is faltering and "we see no reason to change our moat rating or fair value estimate."

Foreign Markets
European stocks were slightly higher today as Brexit fears continued to ease. The FTSE 100, Paris CAC, and Germany's DAX were up 0.4%, 0.6%, and 0.6%, respectively.

Asian markets were mixed. The Shanghai Composite fell 0.4%, the Nikkei 225 gained 1.3%, while the Hang Seng was up 0.8%. 

Karen Wallace does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.