Midday movers: Microsoft, Pinterest, Humana fall; AMD, Nvidia and Starbucks rise

(Updated - July 31, 2024 11:26 AM EDT)

Investing.com -- U.S. stock futures climbed strongly Wednesday, amid optimism ahead of the conclusion of the latest Federal Reserve meeting, and with more influential companies set to report earnings.

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

• Microsoft (NASDAQ:MSFT) stock fell 1.3% after the software giant disappointed with its fourth-quarter update, indicating it would spend more money on artificial intelligence infrastructure even as growth slowed in its cloud business.

• AMD (NASDAQ:AMD) stock rose 6% after the chipmaker increased its 2024 forecast for artificial intelligence chip sales by $500 million and said supplies would remain tight through 2025.

• Nvidia (NASDAQ:NVDA) stock rose 10%, boosted by AMD’s results, and helped by analysts at Morgan Stanley reassigning a ‘Top Pick’ rating after the chipmaker’s shares fell sharply amid a broader market sell-off.

• Starbucks (NASDAQ:SBUX) stock rose 4.5% after the coffee chain met expectations for quarterly profit, even as its global sales declined on persistent weakness in consumer spending in its top markets of the U.S. and China.

• T-Mobile US (NASDAQ:TMUS) stock rose 4% after the telecoms company raised its full-year forecast for monthly bill-paying phone subscriber additions as more customers opted for its discounted unlimited plans that include streaming perks.

• Pinterest (NYSE:PINS) stock slumped 13% after the social media service offered a softer-than-expected outlook for its third quarter, despite achieving a record 522 million global monthly active users, marking a 12% increase from the previous year.

• Match Group (NASDAQ:MTCH) stock soared 12% after the online dating service recorded a second-quarter revenue beat and announced plans to lay off about 6% of its staff to cut costs.

• Humana (NYSE:HUM) stock fell 8.8% after the health insurer said its profit fell, even with strength in its government-backed Medicare Advantage insurance business for older adults.

• GE HealthCare (NASDAQ:GEHC) stock fell 4% after the medical device maker cut its annual revenue growth forecast as it expects a slowdown in China sales.

• DuPont (NYSE:DD) stock rose 5% after the chemicals giant lifted its full-year guidance as it swept past earnings estimates for the second quarter.

• HSBC (HSBC) ADRs rose 4% after the British lender reported stronger-than-expected second-quarter profit, and announced a $3 billion buyback.

• Boeing (NYSE:BA) rose 2% after naming industry veteran Kelly Ortberg as its President and CEO following an extensive search process.

• Marriott (MAR) fell 5.7% after issuing guidance for the third quarter and full year that trailed estimates.

Additional reporting by Louis Juricic