Freight stocks fell sharply after Amazon announced it would open its less-than-truckload shipping services to external companies, which threatens established players in the industry. FedEx Freight Holding and Old Dominion Freight Line each dropped 5%, while XPO fell 4%. Amazon's stock also dipped 2%.
In the tech sector, Super Micro Computer's shares plummeted 18% as it plans to raise $7 billion through equity sales to fund hardware purchases. Semiconductor stocks continued their downward trend, with Micron Technology down 4%, Advanced Micro Devices nearly 5%, and Broadcom losing 5%.
Conversely, Devon Energy's stock rose over 6% after Evercore ISI upgraded it to outperform, citing a positive mid-month update following its acquisition of Coterra Energy. Cracker Barrel's shares surged 24% after it raised its revenue and EBITDA guidance, reporting fiscal third-quarter earnings of 29 cents per share on $797.4 million in revenue, exceeding analyst expectations.
Casey's General Stores also saw a 14% increase after reporting better-than-expected fiscal fourth-quarter results. In the gambling sector, DraftKings rose 5% as management expressed confidence in revenue growth driven by upcoming events. Robinhood Markets jumped 5% after reporting a 9% increase in total platform assets from April and receiving regulatory approval to underwrite IPOs.
Oscar Health gained 3% following an upgrade from Barclays, while Cava's stock climbed 6% after a UBS upgrade. On the downside, BILL Holdings fell 4% to a 52-week low after a downgrade from Truist, and gold miners declined alongside falling gold futures, with Anglogold Ashanti dropping nearly 6%