Midday movers: SoFi Technologies, Johnson & Johnson, Wayfair and more

Investing.com -- U.S. stocks were edging higher on Monday as a deluge of earnings from tech giants and other megacap companies are expected this week.

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

• SoFi Technologies (NASDAQ:SOFI) stock surged 18% after the online personal finance company easily beat revenue expectations in its second quarter, while reporting a narrower-than-expected loss.

• Walmart (NYSE:WMT) stock dipped 0.4% after the Wall Street Journal reported that the retail giant has further cemented its interest in Flipkart through a $1.4 billion purchase of shares from a major investor in the Indian e-commerce group.

• Johnson & Johnson (NYSE:JNJ) stock fell 3.9% after a U.S. judge dismissed the drugmaker's second attempt to resolve tens of thousands of lawsuits over its talc products.

• Chevron (NYSE:CVX) stock rose 2.8% after Goldman Sachs upgraded its stance on the oil major to ‘Buy’ from ‘Neutral’, seeing the potential for strong future growth.

• Adobe (NASDAQ:ADBE) stock rose 3.6% after Morgan Stanley upgraded the computer software company to ‘Overweight’ from ‘Equal weight’, citing potential upside from Generative AI.

• Carvana (NYSE:CVNA) stock fell 4.1% after Jefferies downgraded the online used car retailer to ‘Underperform’ from Hold’, saying the company’s current tailwinds aren’t sustainable.

• Wayfair (NYSE:W) stock rose 5.7% after Piper Sandler upgraded the e-commerce company to ‘Overweight’ from 'Neutral', citing improving sales, rising market share, and an attractive valuation.

• Quest Diagnostics (NYSE:DGX) stock fell 0.4%% after the medical laboratories company launched the first direct-to-consumer blood test to detect abnormal levels of beta amyloid, a key Alzheimer's protein.

--Peter Nurse contributed to this report