Midday Movers: GM Rises on $10B Buyback and NBA Team Buy Hurts Las Vegas Sands

U.S. equities added to yesterday’s gains at midday after strong earnings reports and amid optimism the Federal Reserve wouldn't raise interest rates further to fight inflation. The Dow, S&P 500, and Nasdaq were all up slightly.

General Motors (GM) shares jumped as the carmaker announced it would raise its dividend, buy back $10 billion worth of stocks, and slash costs.

Shares of NetApp (NTAP) also advanced after the data storage firm beat estimates for quarterly profit and sales and full-year guidance following a restructuring this year that reduced expenses.

Hewlett Packard Enterprise (HPE) shares rose as the tech company posted better-than-expected earnings and said it is seeing “promising indicators” of demand for the products it is prioritizing, especially artificial intelligence (AI).

Hormel Foods (HRL) shares sank, leading losses on the S&P 500 as the maker of Spam and other processed foods missed earnings and revenue estimates as volumes and sales in its retail business stumbled.

Shares of Las Vegas Sands (LVS) slumped after the casino operator reported its largest shareholder, Miriam Adelson, is selling $2 billion worth of stock to buy the Dallas Mavericks NBA team from billionaire Mark Cuban.

Walmart (WMT) shares declined following a report the giant retailer cut back on imports from China and boosted them in India as it tries to diversify its supply chain and reduce costs.

The rally in gold continued, with prices for the precious metal increasing for a fourth consecutive day. Oil futures were higher. The yield on the 10-year Treasury note fell. The U.S. dollar climbed versus the euro and pound, but lost ground to the yen. Trading in major cryptocurrencies was mostly lower.