Top Stock Movers: 3M, Tesla Equifax and More

Key Takeaways

• Market enthusiasm for corporate earnings helped U.S. equities climb at midday, rebounding from yesterday's selloff.
• Tesla shares gained ahead of tonight's much-anticipated earnings report by the electric vehicle maker.
• Kimberly-Clark’s shares fell after a warning about tariff costs.

Investors shifted their focus from macroeconomic worries to corporate earnings, and U.S. stocks recovered from yesterday’s sharp selloff. The Dow Jones Industrial Average, S&P 500, and Nasdaq all rose about 2%.

3M (MMM), a multinational manufacturing conglomerate, was the Dow’s best-performing stock after it reported better-than expected profit and sales and provided details on how the Trump Administration tariffs could impact future performance.

The market was preparing for Tesla’s (TSLA) much-anticipated earnings release after the close of trading.

Equifax (EFX), a financial services company, announced that it has overcome weakness in the mortgages and hiring markets by posting earnings as well as revenue that exceeded expectations. The company also announced an increase in dividends and a new stock-buyback program. Shares soared.

Shares of defense contractors RTX and Northrop Grumman fell sharply due to concerns about the impact of tariffs on earnings and results.

Halliburton’s (HAL) shares fell when the oilfield services company reported that its first-quarter revenues were the lowest for three years due to falling oil prices.

Kimberly-Clark shares (KMB), the consumer products company, plunged after it slashed its outlook for the full year “to reflect any potential incremental costs resulting from a more unreliable geopolitical environment.” 

Oil futures are on the rise. Gold prices continue their upward trend. The yield of the 10-year Treasury bill dropped. The U.S. Dollar gained ground against the euro but lost it against the pound and the yen. Most major cryptocurrencies rose.