TSMC, Moderna, Sweetgreen, and More

U.S. equities were mixed at midday, as the markets reacted to corporate headlines and 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.

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.

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.