Midday movers: Lilly, Palo Alto and Fabrinet rise; Lowe's, Boeing fall

Investing.com -- U.S. stock futures traded lower Tuesday, consolidating after recent strong gains as investors seek clues over future interest rate decisions.

Here are some of the biggest U.S. stock movers today:

• Palo Alto Networks (NASDAQ:PANW) stock gained 7% after the company forecast fiscal 2025 revenue and profit above estimates, a sign of growing demand for its cybersecurity products as the digital threat landscape evolves.

• Lowe’s (NYSE:LOW) stock fell 1.75% after the home improvement retailer lowered its annual profit and comparable sales forecasts, as hopes of a recovery in big-ticket home improvement projects turn dim in the face of cautious consumer spending.

• Tesla (NASDAQ:TSLA) stock fell 0.5% after the European Commission cut its proposed tariff on imports of the EV manufacturer’s cars built in China.

• Medtronic (NYSE:MDT) (MDT) stock rose 3% after the medical device maker slightly lifted the lower end of its annual profit forecast, banking on sustained demand for its medical devices and growth from its new launches.

• Boeing (NYSE:BA) stock fell 5% after the plane manufacturer grounded its 777X test fleet after an inspection showed the failure of a key engine mounting structure, according to a report by the Air Current.

• Coinbase (NASDAQ:COIN) stock fell 4% after the cryptocurrency exchange operator was hurt by choppy bitcoin prices.

• Morgan Stanley (MS) stock fell 0.5% after Reuters reported that Morgan Stanley International Chairman Jonathan Bloomer was aboard a luxury yacht that sank off the coast of Sicily early Monday.

• Xpeng (NYSE:XPEV) stock fell 6.4% despite the Chinese EV manufacturer reported a 60% jump in revenue in the second quarter, compared with the same period in 2023, amounting to $1.1 billion.

• Fabrinet (NYSE:FN) (FN) stock rose 15% after the provider of precision optical, electro-mechanical and electronic manufacturing services reported strong fourth-quarter revenue and earnings, outlining its growth strategy, including a major expansion with the construction of a new facility.

• Eli Lilly&Co. (NYSE:LLY) rose 3.4% after it said its weight loss drug reduced the risk of developing type 2 diabetes by 94% in individuals with pre-diabetes and those who were obese.

• Netflix (NASDAQ:NFLX) rose 1.4%, hitting a record high, following the company's announcement of a successful close to its 2024 Upfront negotiations.