Midday movers: M&T Bank, United Parcel Service, Eli Lilly and more

Investing.com -- U.S. stocks were falling on Tuesday after Moody's Investors Service downgraded the debt of some banks, putting pressure on the sector and stoking fears of a coming credit slowdown.

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

• M&T Bank Corp (NYSE:MTB) shares fell 2.5% after being among the banks lowered by Moody's, which cited rising interest rates. Webster Financial Corporation (NYSE:WBS) shares fell 2.7%, and BOK Financial Corporation (NASDAQ:BOKF) shares fell 2.6%.

• United Parcel Service (NYSE:UPS) stock fell 0.7% after the delivery firm cut its full-year financial outlook and posted weaker-than-anticipated second quarter revenue, hit by labor negotiations and weaker U.S. consumer spending.

• Eli Lilly (NYSE:LLY) stock surged 13% after the drugmaker beat second quarter profit expectations and raised its full-year earnings forecast, buoyed by strong demand for its new diabetes drug Mounjaro.

• Palantir (NYSE:PLTR) stock fell 6.4% despite the data analysis firm raising its annual revenue forecast after its main growth engine, its U.S. commercial business, saw growth decelerate to 20% year-over-year from 26% growth in the first quarter.

• Tesla (NASDAQ:TSLA) stock fell 1% after the electric vehicle manufacturer’s finance chief Zachary Kirkhorn stepped down, surprising many who considered the company veteran as a possible successor to CEO Elon Musk.

• Chegg (NYSE:CHGG) stock rose 6.7% after the online education company reported better-than-expected second quarter revenue and detailed plans to expand its foray into generative artificial intelligence, looking to take the AI fight to ChatGPT.

• AMC Entertainment (NYSE:AMC) stock fell 1% after the movie theater chain posted strong second quarter revenue numbers and said the current quarter was off to a strong start driven by box-office hits such as "Barbie" and "Oppenheimer."

-- Peter Nurse contributed to this report