Copart Stock Holds Up as Nasdaq Drops. What Traders Are Watching Now
Copart Inc shares ended higher Friday, one of the few gainers as tech stocks dragged the market lower. The online vehicle auction firm's stock was up 0.6% at $30.96, trading between $30.57 and $31.34. Around 12.4 million shares changed hands. The rest of the market went the other way. The Nasdaq Composite dropped 4.18%, S&P 500 slid 2.64%, and the Dow lost 1.35% after a solid U.S. jobs number pushed back hopes for rate cuts. “The dam just broke today,” Ryan Detrick, chief market strategist at Carson Group, told Reuters, while Wells Fargo’s Ohsung Kwon called it “more driven by positioning” than by any change in fundamentals.