Wall Street's major market averages were mixed around midday trading on Wednesday as traders assessed robust economic data ahead of the conclusion of the Federal Open Market Committee's two-day policy-setting meeting.
US economic growth, measured by gross domestic product, rose by 3% in the advance estimate of Q2, above a 2.6% gain expected in a survey compiled by Bloomberg and followed a 0.5% decline in Q1.
ADP's monthly measure of private payrolls showed a 104,000 increase in July, above expectations compiled by Bloomberg for an increase of 76,000 and followed a revised 23,000 decrease in June.
In equities, Visa (V) shares gained 1.2% in recent Wednesday trading after the company said its fiscal Q3 non-GAAP earnings rose to $2.98 per diluted share from $2.42 and revenue climbed to $10.17 billion from $8.90 billion a year earlier.
Starbucks (SBUX) shares fell 0.3% after the company reported fiscal Q3 non-GAAP net income of $0.50 per diluted share, down from $0.93 a year earlier and lower than analysts' expectations of $0.65.
Palo Alto Networks (PANW) reached an agreement to acquire CyberArk (CYBR) in a deal for an equity value of $25 billion, the companies said.
Under the deal, expected to close during H2 of Palo Alto's fiscal 2026, CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto for each CyberArk share, the companies said.
Shares of Palo Alto were down 5.3% and CyberArk rose 0.6%.
Alphabet's (GOOG, GOOGL) Google will sign the European Union's voluntary code of practice aimed at helping companies comply with the bloc's new Artificial Intelligence Act, the company said in a blog post by Global Affairs President Kent Walker.
"We do so with the hope that this code... will promote European citizens' and businesses' access to secure, first-rate AI tools," Walker said, adding that the company is concerned that the AI Act and code of practice risk would slow Europe's development and deployment of AI.
Alphabet shares were up 0.6% in recent Wednesday trading.
Price: 354.34, Change: +3.05, Percent Change: +0.87
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