All three major US stock indexes were up in late-morning trading Thursday as fresh economic data and corporate earnings releases boosted investor sentiment.

In company news, Taiwan Semiconductor Manufacturing (TSM) reported Q2 earnings Thursday of 15.36 New Taiwan dollars ($0.52) per diluted share, up from NT$9.56 a year earlier. Second-quarter net sales were NT$933.79 billion, up from NT$673.51 billion a year ago and above the FactSet consensus analyst estimate of NT$891.57 billion. For Q3, TSMC expects revenue of $31.8 billion to $33 billion, above the FactSet consensus of $30.7 billion. For the full year, the company now expects revenue to increase by around 30% in US dollar terms, up from its previous guidance of mid-20% growth, Bloomberg News reported. TSMC also said Thursday it's accelerating the production volume of its fabrication facilities in the US "by several quarters" due to strong interest from its "leading US customers." TSMC shares were up 3.6% around midday.

Lucid Group (LCID) is partnering with Uber Technologies (UBER) to deploy robotaxis equipped with Nuro Driver autonomous technology, with a first launch planned in a major US city in 2026, the companies said Thursday. Lucid shares were up 45.2%, while those of Uber were down 0.3%.

Elevance Health (ELV) reported Q2 adjusted earnings Thursday of $8.84 per diluted share, down from $10.30 a year earlier and below the FactSet consensus estimate of $8.91. Second-quarter total revenue was $49.78 billion, up from $43.89 billion a year ago and above the FactSet consensus of $48.19 billion. For full-year 2025, the company cut its adjusted EPS forecast to $30 from its prior guidance of $34.15 to $34.85. Analysts polled by FactSet expect $34.14. Elevance shares were down 11.5%.

PepsiCo (PEP) reported fiscal Q2 core earnings Thursday of $2.12 per diluted share, down from $2.28 a year earlier but above the FactSet consensus of $2.03. Second-quarter revenue was $22.73 billion, up from $22.50 billion a year ago and above the FactSet estimate of $22.27 billion. The company said it now expects a 1.5% decline in fiscal 2025 core EPS, compared with a 3% decline previously projected. Pepsi shares were up 6.8%.

United Airlines (UAL) reported Q2 adjusted earnings late Wednesday of $3.87 per diluted share, down from $4.14 a year earlier but above the FactSet consensus of $3.81. Second-quarter revenue was $15.24 billion, up from $14.99 billion a year ago but below the FactSet estimate of $15.36 billion. For Q3, the airline said it expects adjusted EPS of $2.25 to $2.75. Analysts surveyed by FactSet expect $2.57. For full-year 2025, the company said it expects adjusted EPS of $9 to $11, below its previous guidance of $11.50 to $13.50 and compared with the FactSet estimate of $10.03. United shares were up 3.1%.

Novartis (NVS) said Thursday it has appointed Mukul Mehta as chief financial officer, effective March 16, 2026. Mehta will replace Harry Kirsch, who will retire after 22 years with the company. The pharmaceutical company also reported Q2 core earnings of $2.42 per share, up from $1.97 a year earlier and above the FactSet expectation of $2.35. Second-quarter net sales were $14.05 billion, up from $12.51 billion a year ago but below the FactSet estimate of $14.07 billion. The company also said it is initiating a $10 billion share repurchase program, which is expected to expire at the end of 2027. Novartis shares were down 2.3%.

Abbott Laboratories (ABT) reported Q2 adjusted earnings Thursday of $1.26 per diluted share, up from $1.14 a year earlier and above the FactSet consensus estimate of $1.25. Second-quarter net sales were $11.14 billion, up from $10.38 billion a year ago and above the FactSet consensus of $11.06 billion. For Q3, the company said it expects adjusted EPS of $1.28 to $1.32, below the FactSet expectation of $1.34. Abbott narrowed its 2025 adjusted EPS guidance to a range of $5.10 to $5.20 from $5.05 to $5.25. Analysts polled by FactSet expect $5.16. Abbott shares were down 7.0%.

Bristol-Myers Squibb (BMY) and Pfizer (PFE) said Thursday they are jointly launching a direct-to-patient option for purchasing Eliquis via Eliquis 360 Support. The drug, which reduces the risk of stroke and blood clots in patients with atrial fibrillation not caused by heart valve problems, will be available for direct purchase starting Sept. 8, the companies said. Bristol-Myers shares were up 2.2%, while those of Pfizer were up 0.5%.

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