Super Micro Computer surged 16% to $29.60 after the company confirmed $60 billion of new orders in its fiscal fourth quarter ending in June. 

The company estimated fourth quarter revenue to be near the low end of its previous guidance between $11.0 billion and $12.5 billion, and gross margins are estimated to be in the range of 15% and 17%, significantly higher than the estimated range between 8.2% and 8.4%, primarily due to a favorable customer and product mix. 

The server company announced its plan to release its fourth quarter results on August 11 at 5:00 ET. 

Novartis AG increased 3.1% to $154.26 after the Swiss pharmaceutical company's second quarter core earnings and revenue surpassed market expectations. 

Novartis reported revenue of $144.41 billion and core earnings of $2.41, both surpassing market expectations. 

The company said it is on track to achieve its full-year and mid-term estimates. 

3M Company jumped 6% to $168.21 after the diversified industrial company reported better-than-expected second quarter results and lifted its full-year earnings guidance. 

Revenue increased 2.4% to $6.5 billion, diluted earnings per share rose 33% to $1.78 from $1.34, cash flow from operations was $1.0 billion, and the company returned $1.4 billion via dividends and stock repurchases.   

The company revised its full-year 2026 guidance and raised its total sales growth estimate to at least 4.5%, and adjusted the earnings per share range between $8.80 and $8.95.   

General Motors increased 1.8% to $77.19 after the vehicle maker reported better-than-expected results in the second quarter. 

Revenue increased 1.9% to $48 billion from $47.1 billion, net income attributable to shareholders decreased 31% to $1.3 billion from $1.9 billion, and diluted earnings per share declined 26% to $1.41 from $1.91 a year ago. 

The company revised its adjusted earnings per share estimate for 2026 to between $12.0 and $14.0 from the previous range between $11.50 and $13.50. 

Wall Street Indexes Drifts with Earnings In Focus, Crude Oil Extends July's Surge to 20%

U.S. stocks lacked direction in early trading on Wednesday as investors awaited the release of quarterly releases from hyperscalers. 

The S&P 500 Index declined 0.3%, and the tech-heavy Nasdaq Composite dropped 0.6% amid escalating tensions in the Middle East. 

The West Texas Intermediate crude oil price rose 3.3% to $87.10 a barrel, and the international Brent crude oil price increased 3.8% to $94.23 a barrel as the U.S. and Iran exchanged contradictory signals. 

Crude oil prices extended this month's gains to 20% as the U.S. intensified its aerial attacks for the 11th consecutive day and Iran ramped up its attacks on neighboring Gulf nations in the region. 

Despite the U.S. president's rhetoric of ending the war in less than a month and then subsequently extending it to three months, the conflict in the Middle East has widened to multiple nations and continued for six months. 

Moreover, the U.S. authorities confirmed that military spending is likely to exceed $75 billion, even if the war ends next month. 

Investors remain focused on earnings for the second consecutive week, and AT&T, Alphabet, Texas Instruments, Tesla, IBM, and Service Now are slated to release their results later today.  

Investors are looking for signs of a change in spending for AI infrastructure and how hyperscalers are monetizing the AI-related opportunities.  

U.S. Movers 

Super Micro Computer surged 16% to $29.60 after the company confirmed $60 billion of new orders in its fiscal fourth quarter ending in June. 

The company estimated fourth quarter revenue to be near the low end of its previous guidance between $11.0 billion and $12.5 billion, and gross margins are estimated to be in the range of 15% and 17%, significantly higher than the estimated range between 8.2% and 8.4%, primarily due to a favorable customer and product mix. 

The server company announced its plan to release its fourth quarter results on August 11 at 5:00 ET. 

Airbus SE jumped 6.5% to €207.30 after the European aviation company released its business update on Tuesday after markets closed. 

The company announced a €5 billion stock repurchase plan and reiterated its 2026 guidance.  

GE Vernova decreased 5% to $1,023.0 after the company's second quarter results fell short of market expectations. 

Total revenues increased 22% to $11.1 billion from $9.1 billion, net income advanced to $649 million from $492 million, and diluted earnings per share rose 33% to $2.47 from $1.86 a year ago. 

The company's order backlog at the end of the quarter increased to $176 billion, driven by $24 billion worth of new orders. 

The company revised its 2026 estimated revenue range higher to between $45.50 billion and $46.50 billion, from the previous range between $44.50 billion and $45.50 billion. 

GE Vernova estimated free cash flow to fall between $11.50 billion and $12.50 billion, compared to the previously estimated range between $6.50 billion and $7.50 billion, and reiterated the adjusted operating earnings margin range between 12% and 14%. 

Wall Street Indexes Drifts with Earnings In Focus, Crude Oil Extends July's Surge to 20%

U.S. stocks lacked direction in early trading on Wednesday as investors awaited the release of quarterly releases from hyperscalers. 

The S&P 500 Index declined 0.3%, and the tech-heavy Nasdaq Composite dropped 0.6% amid escalating tensions in the Middle East. 

The West Texas Intermediate crude oil price rose 3.3% to $87.10 a barrel, and the international Brent crude oil price increased 3.8% to $94.23 a barrel as the U.S. and Iran exchanged contradictory signals. 

Crude oil prices extended this month's gains to 20% as the U.S. intensified its aerial attacks for the 11th consecutive day and Iran ramped up its attacks on neighboring Gulf nations in the region. 

Despite the U.S. president's rhetoric of ending the war in less than a month and then subsequently extending it to three months, the conflict in the Middle East has widened to multiple nations and continued for six months. 

Moreover, the U.S. authorities confirmed that military spending is likely to exceed $75 billion, even if the war ends next month. 

Investors remain focused on earnings for the second consecutive week, and AT&T, Alphabet, Texas Instruments, Tesla, IBM, and Service Now are slated to release their results later today.  

Investors are looking for signs of a change in spending for AI infrastructure and how hyperscalers are monetizing the AI-related opportunities.  

U.S. Movers 

Super Micro Computer surged 16% to $29.60 after the company confirmed $60 billion of new orders in its fiscal fourth quarter ending in June. 

The company estimated fourth quarter revenue to be near the low end of its previous guidance between $11.0 billion and $12.5 billion, and gross margins are estimated to be in the range of 15% and 17%, significantly higher than the estimated range between 8.2% and 8.4%, primarily due to a favorable customer and product mix. 

The server company announced its plan to release its fourth quarter results on August 11 at 5:00 ET. 

Airbus SE jumped 6.5% to €207.30 after the European aviation company released its business update on Tuesday after markets closed. 

The company announced a €5 billion stock repurchase plan and reiterated its 2026 guidance.  

GE Vernova decreased 5% to $1,023.0 after the company's second quarter results fell short of market expectations. 

Total revenues increased 22% to $11.1 billion from $9.1 billion, net income advanced to $649 million from $492 million, and diluted earnings per share rose 33% to $2.47 from $1.86 a year ago. 

The company's order backlog at the end of the quarter increased to $176 billion, driven by $24 billion worth of new orders. 

The company revised its 2026 estimated revenue range higher to between $45.50 billion and $46.50 billion, from the previous range between $44.50 billion and $45.50 billion. 

GE Vernova estimated free cash flow to fall between $11.50 billion and $12.50 billion, compared to the previously estimated range between $6.50 billion and $7.50 billion, and reiterated the adjusted operating earnings margin range between 12% and 14%.