Midday movers: Bank of America, Match rise; Charles Schwab falls

(Updated – July 16, 2024 11:28 AM EDT)

Investing.com — U.S. stock futures were mixed Tuesday, with the Dow and gaining, while treaded water as investors shied away from megacap tech stocks.

Here are some of the biggest U.S. stock movers today:

Bank of America (NYSE:) stock rose 5% after the lender reported second-quarter revenue and profit topping expectations on rising investment banking and asset management fees.
Morgan Stanley (NYSE:) (MS) stock rose 2.6% after the investment bank reported its profit rose in the second quarter with investment banking activity rebounding, as some of its peers had outperformed.
Charles Schwab (NYSE:) (SCHW) stock fell 7.3% after the financial services company reported results largely in line with expectations, failing to beat guidance like many of its peers.
Tesla (NASDAQ:) stock rose 0.1% after a report CEO Elon Musk planned to commit around $45 million a month to a new pro-Trump super political action committee.
Match (MTCH) stock rose 8% following a report activist investor Starboard has a stake of more than 6.5% in the Tinder owner and was pushing for a possible sale if a turnaround wasn’t successful.
Trump Media & Technology (DJT) stock fell 9.1%, pulling back after closing up 31% a day earlier amid a broader rally in the so-called Trump trade across markets.
UnitedHealth (NYSE:) stock rose 6% despite the health insurer raising its estimates for a hit to earnings this year from a February hack at its tech unit, as it rolls out loans to healthcare providers and records higher expenses from notifying affected customers.
Palantir Technologies (NYSE:) stock fell 1% after analysts downgraded its investment stance on the big data analytics software maker to ‘underperform’ from ‘neutral’, saying its rich valuation is becoming “hard to justify.”
Shopify (NYSE:) stock rose 7.6% after analysts upgraded its stance on the e-commerce platform to ‘buy’ from ‘neutral’, saying the “company has turned a corner on balanced growth and margin, under new CFO Jeff Hoffmeister.”
Starbucks (NASDAQ:) stock rose 1% despite analysts downgrading the coffee chain to ‘in line’ from ‘outperform’, saying soft trends are continuing.
NVIDIA (NASDAQ:) and AMD (NASDAQ:) were down 1.6% and 2.4%, respectively, as investors sold high-flying, megacap tech stocks in favor of small caps names, with iShares ETF (IWM) rising 2.3%.