Key Takeaways
- U.S. equities were higher at midday as the market reacted to the latest corporate earnings news.
- Promotions helped McDonald's increase U.S. sales, and shares of the fast-food chain gained.
- Super Micro Computer's results and guidance were hurt by tariffs and requirements made by a major customer.
U.S. equites gained at midday, lifted by several strong corporate earnings reports. The Dow Jones Industrial Average, S&P 500, and Nasdaq all advanced.
McDonald's (MCD) shares rose when the fast-food giant posted better-than-expected results as promotions helped boost sales in the U.S.
Shopify (SHOP) also topped forecasts, and the provider of software for e-commerce firms boosted its guidance on a jump in gross merchandise value (GMV) and a lack of a tariff impact. Shares traded around their record high.
Another company that reported better-than-anticipated profit and sales and increased guidance was Arista Networks (ANET). The cloud computing networking gear manufacturer's shares soared as it benefited from high demand for artificial intelligence products.
Super Micro Computer, or Supermicro (SMCI), was the worst-performing stock in the S&P 500 when the computer server maker posted worse-than-expected results and outlook because of tariff effects and changes that were required by a major customer.
Shares of Snap (SNAP) slumped after the parent of the Snapchat social media site had a higher net loss and adjusted earnings missed forecasts because of a platform glitch and a change in tax rules for sales of lower-priced imported items.
Advanced Micro Devices (AMD) shares fell after the chipmaker's profit disappointed as it faced restrictions on its chip shipments to China.
Oil futures were up. Gold futures and the yield on the 10-year Treasury note were little changed. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies were higher.
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