The Dow Jones Industrial Average and S&P 500 saw modest gains in afternoon trading on Friday. 3M, a Dow component, experienced an early surge due to an upgrade and a higher price target from HSBC.
The Dow had been on a winning streak for seven consecutive sessions, rising up to 0.4% in morning trading. Companies like Salesforce, Caterpillar, and American Express contributed to this positive momentum.
Meanwhile, small-cap stocks were lagging, with the Russell 2000 down by 0.7%. The Nasdaq composite also saw a slight dip, while the S&P 500 made fractional gains.
Some of the top gainers in the S&P 500 were Mettler-Toledo and Arista Networks. Arista Networks had recently reported strong earnings, propelling its stock into a buy zone with high trading volume.
Tech stocks like Nvidia, Broadcom, and Micron were among the top gainers in the Nasdaq 100. Taiwan Semiconductor also saw a significant jump in revenue, boosting investor confidence in the tech sector.
In the IPO market, electric-vehicle maker Zeekr had a successful debut, trading well above its pricing range. The 10-year Treasury yield increased by 5 basis points to around 4.5%, while the University of Michigan consumer sentiment survey showed higher inflation expectations than anticipated.
Earnings winners for the day included companies like Sweetgreen, Natera, CleanSpark, and Celsius, all reporting positive results and revenue growth. However, some top-rated growth stocks like ACM Research, GigaCloud, Duolingo, and Robinhood Markets faced losses.
The market outlook remains positive, with investors keeping an eye on inflation data and potential buying opportunities among leading stocks. Stay updated with the latest stock market analysis and insights for successful investing.
