Stocks rose Wednesday but lost some steam in afternoon trading. Tech stocks were also taking a breather after leading Tuesday's rally.
SpaceX dropped 12% after Elon Musk's rockets, telecom, and artificial-intelligence company beat analysts' second-quarter earnings targets -- but reported higher capital expenditure than Wall Street was expecting.
Advanced Micro Devices fell 6.2%. The selloff came after Musk said SpaceX would exclusively use Nvidia chips, which overshadowed AMD's second-quarter results. Intel gained 1%.
Nvidia added 4.3% following Musk's comments, but other AI-related stocks were falling. Micron advanced 2.6% after Musk discussed memory demand. The SpaceX CEO said memory demand is increasing by 200% a year, which is excellent news for Micron.
Verizon Communications, AT&T, and T-Mobile all traded lower. SpaceX said it planned to launch a mobile offering in 2027. SpaceX can use its Starlink space-based broadband product to offer service. The technical details weren't discussed.
Sandisk declined 1%. The storage and memory maker is scheduled to post fiscal fourth-quarter financials after the closing bell. Wall Street expects Sandisk to report adjusted earnings of $34.96 per share on revenue of $8.48 billion.
Alphabet dropped 3.7% on news that Jeff Dean, who has led much of Google's AI research for the past 15 years, is leaving the company. Dean is kickstarting a new company called Discovery Loop, aimed at automating science and engineering research.
Shopify surged 19% after the e-commerce platform posted strong second-quarter earnings and robust quarterly guidance, helping to dispel concerns of AI disruption.
Flutter Entertainment dropped 13%. The FanDuel parent reported mixed results and reduced full-year guidance, along with the resignation of longtime CEO Peter Jackson.
Arista Networks advanced 5.7% after the network infrastructure company reported stellar second-quarter earnings that underlined how the AI boom is boosting demand for its products.
Walt Disney gained 3.8%. The entertainment company's third-quarter earnings beat expectations on the back of strong box-office performances from Toy Story 5 and The Devil Wears Prada 2.
CVS Health fell 4.4% after the healthcare giant raised full-year guidance on the back of second-quarter earnings that handily beat analysts' projections.
Eli Lilly advanced 4.4% after the world's largest drugmaker posted a blockbuster second quarter fueled by continued demand for its portfolio of weight-loss medications. Lilly also hiked its full-year revenue outlook on the back of its latest results.
Insulet dropped 21% and was the worst-performing stock in the S&P 500. Although second-quarter earnings beat expectations, the company cut its annual revenue outlook to grow between 20% and 22%, down from a previous range of 21% to 23%.
Uber Technologies declined 6.7% after the ride-hailing company's quarterly guidance and mostly in-line second-quarter earnings failed to impress Wall Street.
Booking advanced 6.5% after the online travel agency beat analysts' second-quarter earnings forecast, as travel demand remained resilient despite the Iran war.
SolarEdge dropped 27% after the residential solar equipment company issued third-quarter guidance that missed Wall Street forecasts.