3M, Charter Communications, Dexcom, and More

U.S. equities jumped at midday after the Federal Reserve‘s preferred gauge of inflation came in as expected, raising hopes of interest-rate cuts this year. The Dow, S&P 500, and Nasdaq all gained. 

3M (MMM) was the best-performing stock in the Dow and S&P 500 after the maker of Post-it Notes and Scotch tape beat profit and sales estimates and lifted its outlook as it refocused on growth following legal battles and the spinoff of its healthcare unit.

Shares of Charter Communications (CHTR) rose as the cable, internet, and phone provider also posted better-than-expected results on gains in mobile phone revenue.

Mohawk Industries (MHK) shares spiked when the flooring manufacturer exceeded earnings and guidance forecasts as it cut costs, and got a double upgrade from Bank of America, which praised the company’s growth outlook and attractive valuation.

Dexcom (DXCM) shares plunged when the maker of glucose monitoring devices missed revenue estimates and slashed its guidance as it had fewer new customers than anticipated.

Shares of Southwest Airlines (LUV) dropped as activist investor Elliott Investment Management again criticized management after the airline announced new revenue-increasing efforts.

Biogen (BIIB) shares fell when European regulators rejected approval of its Alzheimer’s disease treatment made along with Japan’s Eisai.

Oil futures sank. Gold prices advanced. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.