Midday movers: Bank of America, Match rise; Charles Schwab falls
Investing.com -- U.S. stock futures were mixed Tuesday, with the Dow and S&P 500 gaining, while Nasdaq treaded water as investors shied away from megacap tech stocks.
Here are some of the biggest U.S. stock movers today:
Bank of America (NYSE: BAC) stock rose 5% after the lender reported second-quarter revenue and profit topping expectations on rising investment banking and asset management fees.
Morgan Stanley (NYSE: MS) stock rose 2.6% after the investment bank reported its profit rose in the second quarter with investment banking activity rebounding, as some of its peers had outperformed.
Charles Schwab (NYSE: SCHW) stock fell 7.3% after the financial services company reported results largely in line with expectations, failing to beat guidance like many of its peers.
Tesla (NASDAQ: TSLA) stock rose 0.1% after a report CEO Elon Musk planned to commit around $45 million a month to a new pro-Trump super political action committee.
Match (NASDAQ: MTCH) stock rose 8% following a report activist investor Starboard has a stake of more than 6.5% in the Tinder owner and was pushing for a possible sale if a turnaround wasn't successful.
Trump Media & Technology (NASDAQ: DJT) stock fell 9.1%, pulling back after closing up 31% a day earlier amid a broader rally in the so-called Trump trade across markets.
UnitedHealth (NYSE: UNH) stock rose 6% despite the health insurer raising its estimates for a hit to earnings this year from a February hack at its tech unit, as it rolls out loans to healthcare providers and records higher expenses from notifying affected customers.
Palantir Technologies (NYSE: PLTR) stock fell 1% after Mizuho downgraded its investment stance on the big data analytics software maker to ‘underperform’ from ‘neutral’, saying its rich valuation is becoming “hard to justify.”
Shopify (NYSE: SHOP) stock rose 7.6% after Bank of America upgraded its stance on the e-commerce platform to ‘buy’ from ‘neutral’, saying the “company has turned a corner on balanced growth and margin, under new CFO Jeff Hoffmeister.”
Starbucks (NASDAQ: SBUX) stock rose 1% despite Evercore ISI downgrading the coffee chain to ‘in line’ from ‘outperform’, saying soft trends are continuing.
NVIDIA (NASDAQ: NVDA) and AMD (NASDAQ: AMD) were down 1.6% and 2.4%, respectively, as investors sold high-flying, megacap tech stocks in favor of small caps names, with iShares Russell 2000 ETF (NYSE: IWM) rising 2.3%.
Additional reporting by Louis Juricic