3M is on track to have its best week in nearly two decades, with shares jumping about 11% as of 1:30 p.m. ET. This surge would mark the conglomerate’s biggest weekly gain since July 2002. The positive momentum for 3M comes after news of an approved spin-off for its health care business, now known as Solventum, and the announcement of Bill Brown as the new CEO, succeeding Michael Roman.
Among the 30 stocks in the Dow, 3M is leading the pack this week, outperforming others like Chevron, which saw a more modest gain of around 3%. The strong performance of 3M shares is a reflection of investor confidence in the company’s strategic moves and leadership changes.
Overall, it has been a week of notable movements in the stock market, with companies like Micron Technology, Rivian Automotive, and Fisker also making headlines with their stock price movements. The VanEck Semiconductor ETF is facing its worst week since January, while consumer sentiment surveys are showing mixed results for March.
As the week comes to a close, investors are keeping an eye on potential market volatility due to the expiration of futures and options contracts, a phenomenon known as “triple witching.” This quarterly event could lead to increased trading volume and price fluctuations in the market.
In the cryptocurrency world, Bitcoin experienced a sharp drop overnight, shedding about 7% of its value. The reason for this sudden selloff is believed to be related to options market activity, according to Crypto.com CEO Kris Marszalek.
On the corporate front, One97 Communications, Hyundai, Kia, and Foxconn have all made significant announcements that have impacted their stock prices. One97 Communications received a third-party app license, Hyundai and Kia are recalling EVs in South Korea, and Foxconn reported strong financial results and declared a record dividend.
In Japan, Finance Minister Shunichi Suzuki declared that the country is no longer in deflation and highlighted a positive trend in wage hikes. This statement marks a shift from previous concerns about deflation and signals a more optimistic outlook for the Japanese economy.
Overall, despite some ups and downs throughout the week, the stock market is heading towards a positive close, with major indices like the Dow and S&P 500 set to end the week higher. Investors will be watching closely for any further developments as the week wraps up.
