S&P 500 Gains and Losses Today: 3M Stock Skyrockets After Beat-and-Raise Report

Major U.S. equities indexes saw important gains connected nan last time of a volatile trading week aft nan latest Personal Consumption Expenditure (PCE) information revealed value increases ticked downward successful June.

The PCE is simply a preferred gauge of ostentation monitored by nan Federal Reserve, truthful nan continuing cooldown successful value pressures supports nan expectation that nan cardinal slope will trim liking rates successful nan coming months.

The S&P precocious 1.1% successful Friday's session. The tech-heavy Nasdaq was up 1.0%, while nan Dow jumped 1.6%, boosted by outsized gains from business conglomerate 3M (MMM).

In summation to notching nan apical capacity among nan 30 components of nan Dow, 3M shares led nan measurement for nan S&P 500, skyrocketing 23.0% to scope their highest level since 2022. The leap higher for nan banal came aft nan shaper of Scotch tape, Scotch-Brite, and different well-known brands reported better-than-expected second-quarter profit and sales while boosting its forecasts for nan afloat year. CEO William Brown, who took nan reigns of 3M astatine nan opening of May, said nan conglomerate is focused connected integrated gross maturation pursuing nan colony of class-action lawsuits and nan spinoff of its wellness attraction portion Solventum (SOLV).

Shares of Mohawk Industries (MHK) soared 19.5% aft nan residential and commercialized flooring shaper hit earnings per stock (EPS) forecasts for nan 2nd 4th and guided third-quarter net supra statement estimates. Following nan beardown quarterly results, Bank of America upgraded Mohawk banal from "underperform" to "buy" while importantly hiking its value target. Analysts expressed assurance successful Mohawk's expertise to proceed expanding its margins moreover arsenic it navigates a difficult macroeconomic environment.

Cable and net supplier Charter Communications (CHTR) besides outperformed top- and bottom-line expectations successful its second-quarter net release, and its shares jumped 16.6%. Although Charter reported a diminution successful broadband subscribers amid stiff competition, nan institution achieved maturation successful agrarian markets, driven by its description successful mobile phones arsenic good arsenic authorities programs aiming to amended net entree successful much distant areas.

Dexcom (DXCM) shares suffered nan steepest losses of immoderate S&P 500 stock, plummeting 40.7% aft nan shaper of glucose monitoring devices for patients managing glucosuria missed second-quarter gross estimates and cut its income guidance for nan existent quarter and nan afloat year. According to nan company, a reshuffling of its income team, slower-than-expected caller customer additions and little gross per personification contributed to nan anemic results and a much restrained outlook.

Biogen (BIIB) shares sank 7.2% aft regulators successful Europe rejected nan Alzheimer’s curen Leqembi developed by nan biotechnology patient successful coordination pinch Japan-based pharmaceutical institution Eisai (ESAIY). Although nan U.S. Food and Drug Administration (FDA) approved Leqembi past year, nan European Medicines Agency’s quality medicines committee did not urge granting trading authorization for nan drug, arguing that nan consequence of superior broadside effects outweighs nan treatment's imaginable benefits. Eisai's American depositary receipts (ADRs) dropped 12.9% connected nan day.

Shares of aerospace and defense contractor L3Harris Technologies (LHX) fell 5.7%. Although nan institution hit second-quarter profit estimates and boosted its full-year guidance, citing beardown weapons request amid elevated world tensions, Deutsche Bank downgraded nan banal to "hold," pointing to a precocious valuation pursuing year-to-date gains heading into Friday's session.