Dow Jones Rallies 150 Points, Led By 3M; Micron, Broadcom, Nvidia Jump

The Dow Jones Industrial Average fell off session highs along with the other major stock indexes near midday Friday. Dow component 3M (MMM) was an early gainer on the stock market today, helped by an upgrade and price target hike.

After seven straight sessions in the black, the Dow was up as much as 0.4% in morning action, helped by strong early moves by Salesforce (CRM), Caterpillar (CAT) and American Express (AXP). But the Dow’s gains faded to less than 0.2% by midday.

Shares of Dow component 3M climbed 1.6% near 98.90 in recent action after HSBC upgraded shares to buy and lifted its price target to 115.

Small caps lagged, with the Russell 2000 down 0.7%. The Nasdaq composite dipped 0.2% while the S&P 500 was mostly flat.

Top gainers in the S&P 500 included Mettler-Toledo (MTD), which gapped up powerfully after reporting earnings. Arista Networks (ANET) also outperformed on the stock market today on the heels of a strong earnings report earlier in the week. ANET gapped into a buy zone out of a short cup base in strong volume.

Volume was mixed, slightly lower on the Nasdaq compared with the same time Thursday, and slightly higher on the New York Stock Exchange. Losers outnumbered winners on the Nasdaq by less than 2-to-1. Declining stocks beat advancers on the NYSE by about 3-to-2.

Stock Market Today

Among the Magnificent Seven stocks, Nvidia (NVDA) outperformed early, but the gain faded to 1%. Tech investors were in a good mood early after chip giant Taiwan Semiconductor (TSM) said revenue in April jumped 59% year over year to $7.28 billion. TSM gapped up 5% and cleared a 148.43 double-bottom entry. As a result, Taiwan Semi was moved from the Leaders Watchlist to the Leaders list.

See Which Stocks Are In The Leaderboard Model Portfolio

Besides Nvidia, Broadcom (AVGO) and Micron (MU) were top gainers in the Nasdaq 100 with gains of around 2% each.

Broadcom is only 7% off its high as it sets up in a new consolidation. Micron, meanwhile, continued its low-volume ascent after coming close to a test of its 50-day line.

Among recent initial public offerings, China-based electric-vehicle maker Zeekr (ZK) starts trading today after pricing last night at 21, at the high end of a proposed range of 18-21.

The 10-year Treasury added 5 basis points to around 4.5%. The inflation expectations component of the University of Michigan consumer sentiment survey, released at 10 a.m. ET, came in at 3.5%, above expectations for 3.2%. The consumer confidence number came in at 67.4, well below expectations.

Earnings Winners

Sweetgreen (SG) was a big mover in the MarketSurge Growth 250, rocketing 37%. Shares gapped up to a 52-week high after the fast-casual chain reported better-than-expected revenue growth, up 26% to $157.9 million. Sweetgreen also bumped up its full-year revenue forecast.

But the new outlook was mostly in line with expectations. Sweetgreen’s prior earnings report in late February fueled a huge breakout for the stock.

Natera (NTRA) jumped to an all-time high on the stock market today after the DNA testing firm reported strong first-quarter results. Natera soared more than 11% by midday after the company reported a 54% increase in quarterly profit. Revenue jumped 52% to $367.7 million.

CleanSpark (CLSK) gapped above its 50-day moving average after the bitcoin miner reversed a year-ago loss with a profit of 58 cents a share. Revenue soared 163% to $111.8 million.

After Thursday’s heavy-volume gain, Celsius (CELH) added nearly 4% more as it forms the right side of a cup base.

Sellers knocked several top-rated growth stocks lower in the MarketSurge Growth 250. Losses ranged from 3% to 6% for chip-equipment firm ACM Research (ACMR), GigaCloud (GCT), Duolingo (DUOL) and Robinhood Markets (HOOD).

Follow Ken Shreve on X @IBD_KShreve for more stock market analysis and insight.

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