Midday movers: Alphabet, Microsoft, Snap, Stellantis, and more

Investing.com -- U.S. stocks were mixed on Wednesday, with investors digesting a deluge of corporate earnings ahead of the eagerly-awaited Federal Reserve policy meeting.

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

• Alphabet (NASDAQ:GOOGL) stock rose 5.7% after the Google parent impressed with its second-quarter profit on the back of steady demand for its cloud services and a rebound in advertising.

• Microsoft (NASDAQ:MSFT) stock fell 4.6% after the software giant reported that growth at its key Azure cloud computing division decelerated to 27% during the April to June period as clients moved to rein in expenditures in the face of economic uncertainty.

• Coca-Cola (NYSE:KO) stock rose 1.2% after the soft drinks giant raised its annual revenue forecast, betting on higher pricing and resilient demand for its products.

• Snap (NYSE:SNAP) stock fell 18.9% after the photo messaging app owner reported weaker-than-expected third-quarter guidance, struggling to compete with bigger tech rivals for advertising revenue.

• AT&T (NYSE:T) stock rose 0.4% after the telecommunications giant beat estimates for second-quarter free cash flow as efforts to lower costs and attract wireless monthly paying subscribers with cheaper plans paid off.

• Wells Fargo (NYSE:WFC) stock rose 1.7% after the bank's board authorized a new share buyback program of up to $30 billion.

• Amazon (NASDAQ:AMZN) stock fell 1.2% after Politico reported the U.S. Federal Trade Commission is finalizing its long-awaited antitrust lawsuit against the online retail giant that could ultimately break up parts of the company.

• Stellantis (NYSE:STLA) stock rose 3.4% after the world’s third-largest automaker by sales beat first-half expectations for revenue and operating profit, with CEO Carlos Tavares saying cost cutting will have to accelerate to keep profitability strong in a more challenging pricing environment.

• Deutsche Bank (NYSE:DB) stock rose 0.5% after the German lender posted a 27% fall in second-quarter profit as investment banking revenue slumped, but this was still better than expected.

-- Peter Nurse contributed to this report