U.S. stocks ended higher on Wednesday, led by a more than 1% gain in the Nasdaq, as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge, and as some companies delivered upbeat earnings reports.

Market Snapshot

The Dow Jones Industrial Average .DJI rose 81.38 points, or 0.18%, to 44,193.12, the S&P 500 .SPX gained 45.87 points, or 0.73%, to 6,345.06 and the Nasdaq Composite .IXIC gained 252.87 points, or 1.21%, to 21,169.42.

Market Movers

Shares of Apple rose 3% in after-hours trading after soaring 5% on committing additional $100 Billion to US investments.

Duolingo — The maker of the language learning app surged about 14%. Duolingo said it sees third-quarter revenues in the range of $257 million to $261 million, while the LSEG consensus called for $253 million. The company also beat estimates on the top and bottom lines in the second quarter.

e.l.f. Beauty Inc. — Shares of the cosmetics company lost more than 13% after E.l.f. said new tariffs on China imports are negatively affecting its profits, which were down 30% from the year-ago period. E.l.f. declined to provide a full-year revenue guide, citing the “wide range of potential outcomes” related to the new tariffs, and instead issued guidance for the first half of the fiscal year.

IONQ Inc. — Shares of the quantum computing play slipped 5% after IonQ reported a wider-than-expected loss. IonQ posted a loss of 70 cents per share for the second quarter, while analysts polled by FactSet anticipated a loss of 29 cents per share. IonQ’s revenue of $20.7 million for the quarterly period beat the $17.2 million expected, however.

DraftKings Inc. — The sports betting company added about 2%. DraftKings posted second-quarter earnings of 30 cents per share on revenue of $1.51 billion. LSEG consensus estimates sought 15 cents per share in earnings and revenue of $1.41 billion. The company also stuck with its 2025 revenue outlook range of $6.2 billion to $6.4 billion, but said to expect the number to land at the higher end.

Airbnb, Inc. — The vacation rental company slid about 7%. Airbnb said it expects to report revenue ranging from $4.02 billion to $4.10 billion in the third quarter. Analysts polled by FactSet sought $4.05 billion. The forecast overshadowed beats on earnings and revenue in the second quarter.

Fortinet — The cybersecurity stock shed 17% after Fortinet reported second-quarter revenue of $1.63 billion that matched estimates from analysts polled by FactSet and issued lackluster third-quarter revenue guidance.

DoorDash, Inc. — The food delivery company popped 6% after posting second-quarter earnings of 65 cents per share, while analysts polled by LSEG had penciled in 44 cents. The company’s $3.28 billion in revenue also came in above the expected $3.16 billion.

HubSpot — Shares jumped more than 5% after the software company posted better-than-expected second-quarter results. HubSpot’s adjusted earnings of $2.19 per share and revenue of $760.9 million came in ahead of the $2.12 per share and $739.4 million that analysts polled by FactSet were expecting. The company’s third-quarter and full-year guidance also surpassed expectations.

Dutch Bros — The drive-thru coffee shop chain saw shares jump nearly 15% after posting second-quarter beats on the top and bottom lines. Dutch Bros said same-store sales increased 6.1% from the year-ago period. The company also lifted its guidance for full-year same-store sales and adjusted earnings before interest, taxes, depreciation and amortization.

MetLife — Shares of the insurance provider lost 5% in extended trading on weak results. For the second quarter, MetLife posted adjusted earnings of $2.02 per share, while analysts polled by LSEG expected earnings of $2.15 per share. The company’s adjusted revenue of $17.92 billion also disappointed analysts, who expected $18.54 billion in revenue for the period.

Aris Water Solutions — Shares of the water infrastructure company soared 22%. Pipeline company Western Midstream Partners will be acquiring Aris in an equity-and-cash transaction worth about $1.5 billion. The deal is expected to close in the fourth quarter.

Callaway Golf — The golf and active lifestyle company rose nearly 9%. Topgolf Callaway posted second-quarter adjusted earnings of 24 cents per share, while analysts polled by FactSet were looking for 2 cents per share. Revenue also surpassed expectations, coming in at $1.11 billion, versus the $1.09 billion anticipated.

Tesla Motors shares rose 3.6% As President Trump says Elon Musk is a “good person” when asked about his popularity in a poll.

McDonald's was up 3%. The fast-food chain posted adjusted earnings of $3.19 a share on revenue of $6.8 billion in its second quarter, topping analysts’ expectations. The company has taken steps to lure back customers after hiking prices during the pandemic, which include launching budget-friendly menu items. McDonald’s plans to extend late-night operating hours at most of its U.S. restaurants and open new locations worldwide to boost sales.

$Advanced Micro Devices(AMD)$ fell 6.4%. The chip maker reported second-quarter adjusted earnings of 48 cents,in line with forecasts, while revenue of $7.7 billion came in above the $7.4 billion Wall Street had anticipated. AMD said it couldn’t forecast chip sales in China as it awaits license approvals, driving the stock lower.

SUPER MICRO COMPUTER INC was down 18% afterfiscal-fourth-quarterearnings missed expectations by a wide margin. The server maker’s outlook for the current quarter also disappointed, but revenue guidance for fiscal 2026 came in strong, suggesting sales will be weighted toward the second half of the fiscal year.

Snap Inc shares sank 17% after theSnapchatparentposted a second-quarter lossof 16 cents a share, wider than Wall Street had expected.

Arista Networks stock rose 17% after both profits and revenue for its second quarter comfortably beat expectations. Guidance for the current quarter also topped estimates amid increased spending on cloud networking solutions.

Astera Labs surged 29% after the semiconductor company posted record quarterly revenue of $191.9 million, up 150% year over year, amid robust demand for AI products.

Shares of Walt Disney fell 2.7%, even after the entertainment giant postedquarterly earningsthat surpassed expectations. Adjusted quarterly profit of $1.61 a share came in above analysts’ calls for $1.45, while revenue climbed 2% to $23.65 billion, beating forecasts of $23.69 billion. Late Tuesday, the entertainment giantstruck a dealwith the National Football League that will give Disney control of media assets such as the NFL Network in exchange for a 10% stake in ESPN.

Shopify was up 22%. The e-commerce platform posted second-quarter gross profit and revenue that topped estimates and provided a strong outlook for the third quarter. The report appeared to be giving other stocks a boost, namely Amazon.com and Walmart, which were up 4% and 4.1%, respectively.

Lucid Group tumbled 9.7% after the electric-vehicle maker logged another quarterly loss and lowered its 2025 production forecast.

Rivian Automotive, meanwhile, was down 4.2%. Rivian said it now expects a loss of $2 billion to $2.25 billion in adjusted earnings before interest, taxes, depreciation and amortization for the year, compared with its previous range of a loss of $1.7 billion to $1.9 billion.

U.S.-listed shares of Novo Nordisk fell 3.9% after the drugmaker reported second-quarter earnings. The company said it plans to cut costs and sharpen commercial execution. Novo preannounced preliminary earnings last week alongside a profit warning, causing the stock to fall 23%.

Emerson Electric declined 4.7%. The maker of industrial automation equipment reported fiscal-third-quarter sales that missed expectations and trimmed its full-year sales growth forecast to 3.5% from 4%. Emerson projects adjusted earnings of $6 a share for the full year, compared with a prior range of $5.90 to $6.05. Adjusted earnings of $1.52 a share in the latest quarter came in a penny higher than the Street’s forecast.

Match Group, the owner of Tinder, posted revenue of $863.7 million in the second quarter, topping the $854.1 million consensus estimate among analysts polled by FactSet. While paying users fell 5% in the quarter, partially driven by a 7% decline on Tinder, the metric rose 18% at Hinge. Match stock was up 11%.

Shares of Six Flags Entertainment plunged 21%. The amusement park operator slashed its full-year forecast for adjusted earnings before interest, taxes, depreciation, and amortization and announced the departure of CEO and President Richard Zimmerman, who has been in the role since Six Flags merged with Cedar Fair last year.

Uber Technologies fell 0.2%. The ride-hailing app reported second-quarter earnings of 63 cents a share on revenue of $12.65 billion, meeting and beating expectations, respectively. Concerns about competition from robo-taxi services appeared to be weighing on shares Wednesday.

Market News

Trump imposes extra 25% tariff on Indian goods, ties hit new low

U.S. President Donald Trump on Wednesday imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock.

The new import tax, effective 21 days after August 7, will raise duties on some Indian exports to as high as 50% - among the highest levied on any U.S. trading partner.

Trump says he will pick a 'temp' replacement for Fed's Kugler in days

U.S. President Donald Trump said on Wednesday he would likely pick someone to serve out the remaining months of a soon-to-be vacant position on the Federal Reserve's Board of Governors in the next two to three days, choosing from a shortlist of three.

"We started the interviewing process," Trump told reporters in the Oval Office, noting that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Vice President JD Vance were all involved.