Stocks Mixed Ahead Of Inflation Report; Taiwan Semi Soars Into Buy Zone But Yelp Craters

The major market indexes were mixed in afternoon action on the stock market today as investors await a key inflation report next week.

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The Dow Jones Industrial Average rose 0.2%, while the S&P 500 held a smaller 0.1% gain in the stock market today. The tech-dominated Nasdaq gave up morning gains and fell 0.2%.

Taiwan Semiconductor Manufacturing (TSM) soared after April sales surged on demand for AI chips. Top gainers in the Nasdaq 100 included Datadog (DDOG), Broadcom (AVGO), Micron (MU) and ASML (ASML).

The University of Michigan Consumer Sentiment Survey for May came in at 67.4 vs. estimates of 77, according to Econoday. But inflation expectations for the year ahead were higher than expected, at 3.5% vs. views of 3.2%. On Wednesday, the consumer price index for April is expected to rise 0.4% from the previous month and 3.5% annually.

Despite weaker consumer sentiment, the yield on the benchmark 10-year Treasury note jumped five basis points to 4.5%.

Volume on the NYSE was higher and on the Nasdaq lower compared with the same time on Thursday. Decliners outnumbered advancers by 3-to-2 on the NYSE and 5-to-3 on the Nasdaq.

The small-cap Russell 2000 fell 0.8%.

The Innovator IBD 50 ETF (FFTY) rose 0.2%. Sweetgreen (SG) was a top performer in the IBD 50, up more than 30% after the company’s earnings report came out. Also in the IBD 50, Natera (NTRA) soared 10% to the highest price since November 2021 after its earnings report, in which the prenatal genetic testing company raised its outlook.

Dow Jones Stocks

Home Depot (HD) fell ahead of its first-quarter results on Tuesday. Cisco Systems (CSCO) rose ahead of its report on Wednesday, but the stock remains in a downtrend.

Walmart (WMT) follows with its quarterly results on Thursday. Walmart stock is holding the 50-day moving average ahead of earnings and is in a flat base with a 61.66 buy point, according to IBD MarketSurge.

Merck (MRK) and Microsoft (MSFT) rose modestly. Both are featured in Stocks Near A Buy Zone and are in proper bases.

Stock Market Today

Taiwan Semiconductor soared 5% into a buy zone from a buy point of 148.43 after April sales rose 59% to $7.28 billion from the same month a year prior. The world’s largest contract chip manufacturer is a holding on IBD Leaderboard.

Shares of online review platform Yelp (YELP) fell nearly 6% and broke below the 50-day moving average after first-quarter results were announced and the company gave a weak revenue forecast. Bitcoin miner CleanSpark (CLSK) reversed below its 50-day line even after fiscal second-quarter results showed growth in both sales and earnings. 

Novavax (NVAX) soared over 100% in heavy volume after the drugmaker entered into a partnership with Sanofi (SNY) to commercialize a combined Covid-19 and flu shot.

Ares Management (ARES) is in a buy zone above a buy point of 139.48. Nvidia (NVDA) is also in a proper base with a buy point of 974. Both are holdings in IBD Leaderboard.

Samsara (IOT) and Williams-Sonoma (WSM), both in the IBD MarketSurge Growth 250, are trying to break out of bases in the stock market today.

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