Information technology stocks advanced nearly 2% to lead gainers in midday trading Thursday, after a number of US-listed peers overnight reported strong quarterly results that beat analyst expectations.

WiseTech Global (ASX:WTC) rose almost 5%, and Xero (ASX:XRO) gained 2%.

On the flip side, consumer staples stocks shed 4%, weighed down by a decline in Woolworths Group (ASX:WOW), the largest company in the sector by market capitalization.

Shares of Woolworths slid more than 6% after the supermarket chain operator said fiscal 2026 Australian food earnings before interest and taxes growth is no longer expected to be at the upper end of its guidance range, as higher fuel costs and secondary effects from the Middle East conflict are likely to have an increasing inflationary impact through the remainder of the year.