The Latest Stock Market Updates: Sweetgreen Soars, Moderna Stumbles

Key Takeaways

• U.S. equities were mixed at midday Friday, May 10, 2024, as the markets reacted to corporate headlines and a report showing consumer sentiment plunged.
• Sweetgreen shares soared after the salad restaurant chain beat sales estimates and raised its guidance on store expansion and higher prices.
• The FDA delayed a decision on approving Moderna’s RSV vaccine, and shares of the biotech fell.

U.S. equities were mixed at midday, as the markets reacted to corporate headlines and a report showing consumer sentiment plunged this month. The Dow continued its recent rally, while the S&P 500 was little changed, and the Nasdaq edged lower.

Stock Market Highlights

3M (MMM) shares gained following an upgrade and higher price target from HSBC, which said it expects the consumer and commercial products maker to return to growth.

American depositary receipts (ADRs) of TSMC (TSM) advanced as the big semiconductor maker reported strong April sales as demand for artificial intelligence (AI) chips soars.

Sweetgreen (SG) shares took off as the salad restaurant operator beat sales estimates and raised its guidance on store expansion and higher prices.

Moderna (MRNA) shares stumbled after the Food and Drug Administration (FDA) told the vaccine maker that it wouldn’t finish its review of the company’s RSV shot until the end of the month, delaying the expected approval by more than two weeks.

Shares of Tesla (TSLA) dropped as CEO Elon Musk said the electric vehicle (EV) maker would spend half a billion dollars this year on its Supercharger network, a week after the company reportedly laid off virtually all of its workers in its EV charging team.

Akamai Technologies (AKAM) was the worst-performing stock in the S&P 500 after the software infrastructure provider gave lower-than-expected guidance on weakness in its legacy content-delivery business.

Market Trends

Oil futures fell and gold prices rose. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded in the red.

Conclusion

Overall, the stock market saw a mix of positive and negative movements on Friday, with companies like Sweetgreen experiencing significant gains while others like Moderna faced setbacks. Investors will continue to monitor corporate developments and economic indicators to make informed decisions in the ever-changing market landscape.

For more information and updates on top stock movers, visit Investopedia.