The Nasdaq Composite and S&P 500 were both up in late-morning trading, while the Dow Jones Industrial Average was down, as a ceasefire between Israel and Iran continues to hold up.

In company news, FedEx (FDX) reported fiscal Q4 adjusted earnings late Tuesday of $6.07 per diluted share, up from $5.41 a year earlier and above the FactSet consensus analyst estimate of $5.82. Fiscal Q4 revenue was $22.2 billion, up from $22.1 billion a year ago and above the FactSet consensus of $21.74 billion. The company said it expects fiscal Q1 adjusted EPS of $3.40 to $4 on revenue growth of flat to 2%. Analysts expect adjusted EPS of $4.05 on revenue of $21.73 billion. FedEx shares were down 3.1% around midday.

Tesla's (TSLA) May new car sales in Europe fell 27.9% from a year earlier, while overall electric vehicle sales in the region jumped by 27.2%, the European Automobile Manufacturers Association said Wednesday. Tesla shares were down 4.1%.

Apple (AAPL) plans to make changes to its App Store to satisfy European Union regulators that issued an ultimatum to the tech giant as well as a $581.1 million fine, Bloomberg reported Wednesday, citing people familiar with the matter. Apple will propose changes by Thursday's deadline that will make it easier for third-party developers to guide customers toward purchases outside the App Store, according to the report. Apple shares were up 0.9%.

General Mills (GIS) reported fiscal Q4 adjusted earnings Wednesday of $0.74 per diluted share, down from $1.01 a year earlier but above the FactSet consensus estimate of $0.71. Fiscal Q4 net sales were $4.56 billion, down from $4.71 billion a year ago and below the FactSet consensus estimate of $4.59 billion. For fiscal 2026, General Mills said it expects adjusted earnings to be down 10% to 15% in constant currency. The company said it expects full-year net sales to be in a range of a 1% decline to a 1% gain. General Mills shares were down 3.9%.

Bumble (BMBL) said Wednesday its board approved a 30% cut to its global workforce, or around 240 roles. The company said it expects to achieve up to $40 million in annual cost savings with the job cuts, while it expects to incur about $13 million to $18 million in non-recurring charges from severance, benefits and other associated costs. Bumble shares were up 18.3%.

Rubrik (RBRK) said Wednesday it has agreed to acquire Predibase to bring agentic AI models from pilot to production at scale. Financial terms of the deal were not disclosed. Rubrik shares were up 2.2%.

Price: 222.43, Change: -7.08, Percent Change: -3.09