Union Pacific Corp soared 10.3% to $237.23 despite the company reporting a decline in revenue in its latest quarter. 

Revenue in the second quarter declined 5% to $6 billion from $6.3 billion and net income fell 14% to $1.6 billion from $1.8 billion and diluted earnings per share dropped to $2.57 from $2.93 a year ago. 

The company proposed a dividend payment of $1.30 a share, same as previous quarter and no share repurchases are planned for the remainder of the year.  

The company appointed Jim Vena as chief executive as of August 14 and also appointed Doyle Simons and Doyle Wiehoff to its Board of Directors, effective immediately. 

Coca-Cola Company increased 0.6% to $62.62 after the company reported quarterly results. 

Net revenue in the second quarter ending in June increased 11% to $11.9 billion and consolidated net income soared 33% to $2.5 billion from $1.9 billion and diluted earnings per share 59 cents from 44 cents a year ago. 

Cash flow from operations increased by $83 million to $4.6 billion for the six months ending in June but free cash flow declined $45 million to $4.0 billion in the respective period. 

Unit case volumes declined 1% in North America and fell 5% in Europe, Middle East and Africa but rose 4% in Latin America. 

The company revised its full-year organic revenue growth outlook to a new range between 8% and 9% and the company estimated commodity inflation in mid single-digit on a comparable basis including hedged position. 

Boeing Company increased 4.9% to $224.75 after the aircraft maker reported better-than-expected second quarter earnings and aircraft deliveries rose 

Revenue increased 18% to $19.7 billion and the company swung to a let loss of $149 million from $193 million and diluted earnings per share was ($0.25) from 32 cents a year ago. 

Aircraft deliveries increased to 136 from 121 in the quarter a year ago and aircraft backlog at the end of the quarter was 4,800 worth $440 billion. 

The company reaffirmed operating cash flow guidance between $4.5 and $6.5 billion and free cash flow estimate between $3.0 and $5.0 billion. 

Alphabet Inc soared 6.2% to $130.73 after the company reported better-than-expected earnings and revenue. 

Second quarter revenue increased 7% to $74.6 billion and ad revenue rose 3.3% to $58.1 billion and net income rose to $18.37 billion from $16 billion and diluted earnings per share increased to $1.44 from $1.21 a year ago. 

Revenue from the cloud segment which includes its Workspace segment jumped 26%.

Microsoft Corp declined 3.3% to $339.58 after the company said revenue in the fiscal fourth quarter ending in June increased 8% to $56 b.2illion and net income soared to $20.08 billion from $16.74 billion a year ago. 

Microsoft stock declined after Azure revenue growth slowed to 26% from 27% in the previous quarter and 40% from a year ago. 

Cloud segment revenue increased 15% to $23.99 billion. 

Alaska Air Group, Inc dropped 10.6% to $47.68 despite the regional airline reporting better-than-expected revenue and earnings. 

The airline reported second quarter revenue increased 7% to $2.84 billion and net income increased to $240 million from $98 million and diluted earnings per share rose to $1.86 from 76 cents. 

The company forecasted full-year earnings per share between $5.50 and $7.50 a share.  

The airline repurchased 871,987 shares of common stock for approximately $39 million in the second quarter, bringing total repurchases to $57 million for the six months ended June. 

The company anticipates share repurchases of at least $100 million in the remainder of 2023.

Xerox Holdings Corp soared 9.2% to $16.93 after the workspace technology provider reported second quarter earnings ahead of market expectations. 

Revenue increased 0.4% to $1.75 billion and net loss attributable to shareholders rose to $61 million from $4 million and diluted loss per share rose to 41 cents from 5 cents a year ago.  

The company forecasted 2023 revenue growth between flat and down low-single-digits in constant currency. 

General Electric Company increased 4.5% to $115.57 after the engineering company reported stronger-than-expected quarterly earnings. 

Total revenue increased 18% to $16.7billion from $14.1 billion and net loss attributed to shareholders shrank to $23 million from $949 million and diluted loss per share fell to 2 cents from 86 cents a year ago.   

The company monetized its 32% stake in GE HealthCare for $2.2 billion and plans to redeem all its outstanding preferred shares for $2.8 billion on September 15. 

The company also lifted its full-year earnings outlook on the strong demand for its engines and products in the aerospace division and record orders in its renewable energy business. 

The company revised its organic revenue growth outlook in the low-double-digit range, up from the high-single-digit range and adjusted earnings per share range to between $2.10 and $2.30, up from the previous range between $1.70 and $2.00. 

The company guided free cash flow between $4.1 and $4.6 billion, up from the previous estimate range between $3.6 and $4.2 billion.   

3M Company rose 4.6% to $109.26 after the diversified company reported better-than-expected quarterly earnings and the company reiterated its annual sales outlook and revised higher its annual earnings estimate. 

Second quarter revenue declined 4.5% to $8.3 billion and the company swung to a net loss of $6.8 billion from a profit of $78 million and diluted earnings per share of ($12.35) from 14 cents a year ago. 

The current quarter results included the settlement charge related to the public water system of $14.19 billion. 

The settlement still needs approval from a judge and the payment will be made over 13 years. 

The company said it will halt production of PFAS chemicals by the end of 2025. 

Per- and polyfluorinated substances, known collectively as PFAS or "forever chemicals" were used by firefighters in training sessions around the country at airports, military bases and other facilities. 

The training exercises used foams laced with high concentration of PFAS, said one of the lead attorneys, Scott Summy, suing 3M and other companies to Associated Press. 

3M raised its full-year 2023 adjusted earnings per share expectations to $8.60 to $9.10 from the previous estimate between $8.50 and $9.00. 

The company said adjusted total sales growth in the range of -5% to -1%, reflecting adjusted organic sales growth of -3% to flat, which remains unchanged. 

3M forecasted adjusted operating cash flow for the year 2023 between $5.9 billion to $6.3 billion contributing to 90% to 100% adjusted free cash flow conversion, which remains unchanged.

General Motors declined 3.2% to $38.09 despite the automaker lifting its full-year earnings outlook. 

Second quarter revenue increased 25.1% to $44.7 billion and net income soared 51.7% to $2.6 billion from $1.7 billion and diluted earnings per share increased to $1.83 from $1.14 a year ago. 

The company forecasted annual net income attributable to stockholders between $9.3 billion and $10.7 billion, compared to the previous outlook between $8.4 billion and $9.9 billion. 

Ryanair Holdings plc declined 4% to $102.30 after the deep discount airline reported a surge in traffic, revenue and earnings. 

Revenue in the fiscal year 2024 first quarter ending in June increased 40% to Є3.65 billion after passenger count rose 11% to 50.4 million and load factor rose to 95% from 92% from a year ago. 

Profit after-tax soared 290% to Є663 million from Є170 million and earnings per share rose to 58.22 cents from 16.53 cents a year ago. 

Movers: Chevron, Exxon Mobil, Intel, Juniper Networks, Procter & Gamble, Sweetgreen

Intel Corporation jumped 6.7% to $36.73 after the chipmaker returned to profitability in the second quarter after losses in previous two quarters in a row. 

Revenue in the second quarter declined 15% to $12.9 billion from $15.3 billion and the company swung to a net income of $1.5 billion from a loss of $0.5 billion and diluted earnings per share was 35 cents compared to a loss of ($0.11) a year ago. 

The company announced a dividend of 12.5 cents a share payable on September 1 to shareholders on record on August 7. 

The company's third quarter sales also suggested improving sales and forecasted third quarter sales between $12.9 billion and$13.9 billion and gross margin of 39.1% and diluted earnings per share of 4 cents. 

Procter & Gamble & Company added 1% to $153.60 after the household goods maker reported sales and earnings ahead of market expectations but issued a cautious fiscal 2024 sales. 

Exxon Mobil Corp declined 1.8% to $103.54  after the largest oil company reported mixed quarterly results. 

Revenue in the second quarter declined to $82.9 billion from $115.7 billion and net income attributable to shareholders fell to $7.9 billion from $17.9 billion and diluted earnings per share dropped to $1.94 from $4.21 a year ago. 

Chevron Corp fell 0.8% to $158.50 after the oil company reported lower earnings from a year ago following a decline in energy prices. 

Revenue in the second quarter fell to $48.9 billion from $68.7 billion and net income declined to $6.0 billion from $11.6 billion and diluted earnings per share dropped to $3.20 from $5.95 a year ago. 

Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-sales and a net loss of $27.3 million or 24 cents a share in the second quarter. 

Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-expected sales and comparable same store sales slowed sharply.  

Revenue in the second quarter increased 22% to $152.5 million from $124.9 million and same store sales change slowed to 3% from 16% a year ago. 

Average restaurant sales were stable around $2.9 million in the last four quarters.  

Restaurant-level profit was $31.1 million and restaurant-level profit margin was 20% compared to $23.1 million and 19% respectively in the prior year period. 

Net loss declined to $27.3 million from $40.5 million and diluted loss per share decreased to 24 cents from 37 cents a year ago. 

The salad chain forecasted fiscal year 2023 revenue between $575 million and $595 million and same store sales to increase between 2% and 6% and restaurant level profit margin between 16% and 18%. 

The company estimated net new restaurants opening between 30 and 35 in 2023. 

Juniper Networks, Inc dropped 6.9% to $27.90 after the data networking products and systems maker reported second quarter earnings slightly ahead of market expectations but offered a lighter sales outlook in the third quarter. 

Tamer Inflation Supports 1% Rise In S&P 500 and Nasdaq

Market averages traded higher after an alternative measure of inflation showed weakening inflation. 

The S&P 500 index and the Nasdaq Composite index gained around 1% after the personal consumption price index rose at a slower pace of 3.0%. 

Core PCE Index, which excludes food and energy, slowed to 4.1% in June, the U.S. Bureau of Economic Analysis reported Friday. 

The alternative gauge of inflation measures inflation for longer trends but also understates inflation experienced by most households in urban areas. 

On a monthly basis overall PCE Index and core PCE Index rose at a slower pace of 0.2%. 

Core PCE Index rose at the slowest pace since September 2021 and PCE Index rose at the slowest pace since March 2021. 

Leading energy companies, Exxon Mobil and Chevron reported large declines in sales and earnings reflecting lower energy prices compared to a year ago. 

Intel soared more than 5% after the struggling chipmaker returned to profitability and Ford Motor Company declined after the company said electric vehicle sales are slower-than-expected because of high costs. 

In overseas news, European markets traded sideways in cautious trading near record highs after second quarter economic growth stalled in Germany, expanded in France and slowed in Spain.  

The Bank of Japan tweaked its yield curve control policy and let the yield on 10-year Japanese government bonds rise to a nine-year high of 0.55%. 

The Central bank eased its ultra loose monetary policy after inflation picked up over the last six months and interest rate gap with the U.S. and Europe widened over the period, putting additional pressure on the Japanese yen. 

U.S. Indexes & Yields 

The S&P 500 index traded up 0.8% to 4,575.43 and the Nasdaq Composite rose 1.5% to 14,266.31. 

The Dow Jones Industrial Average halted its 13-day winning streak, the longest rally since 1897 or 126 years ago. 

The yield on 2-year Treasury notes increased to 4.90%, 10-year Treasury notes inched higher to 3.98% and 30-year Treasury bonds edged down to 4.04%. 

Crude oil decreased $0.28 to $78.80 a barrel and natural gas prices increased 7 cents to $2.67 a thermal unit. 

U.S. Stock Movers 

Intel Corporation jumped 6.7% to $36.73 after the chipmaker returned to profitability in the second quarter after losses in previous two quarters in a row. The company's third quarter sales also suggested improving sales. 

Procter & Gamble & Company added 1% to $153.60 after the household goods maker reported sales and earnings ahead of market expectations but issued a cautious fiscal 2024 sales. 

Exxon Mobil Corp declined 1.8% to $103.54  after the largest oil company reported mixed quarterly results. 

Revenue in the second quarter declined to $82.9 billion from $115.7 billion and net income attributable to shareholders fell to $7.9 billion from $17.9 billion and diluted earnings per share dropped to $1.94 from $4.21 a year ago. 

Chevron Corp fell 0.8% to $158.50 after the oil company reported lower earnings from a year ago following a decline in energy prices. 

Revenue in the second quarter fell to $48.9 billion from $68.7 billion and net income declined to $6.0 billion from $11.6 billion and diluted earnings per share dropped to $3.20 from $5.95 a year ago. 

Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-sales and a net loss of $27.3 million or 24 cents a share in the second quarter. 

Juniper Networks, Inc dropped 6.9% to $27.90 after the data networking products and systems maker reported second quarter earnings slightly ahead of market expectations but offered a lighter sales outlook in the third quarter. 

Europe Movers: AstraZeneca, Capgemini, Euronext, Hermes, IAG, Natwest, Standard Chartered

Market averages in Europe traded lower and investors reacted to corporate earnings. 

The DAX index decreased 0.07% to 16,396.17, the CAC-40 index fell 0.3% to 7,445.24 and the FTSE 100 index rose 0.1% to 7,701.35.  

The yield on 10-year German bonds increased to 2.45%, French bonds traded higher to 3.01%, the UK gilts edged up to 4.34% and Italian bonds increased to 4.08%.

Natwest Group jumped 2.8% to 246.54 pence after the U.K.-based bank said first-half profit rose, benefiting from higher interest rates. 

Standard Chartered Plc soared 4.8%  743.57 pence after the UK-based bank reported better-than-expected first-half earnings and announced a new $1 billion stock repurchase plan. 

IAG Group SA increased 4.1% to 161.45 pence after the parent of British Air and Iberian Air reported better-than-expected quarterly earnings. 

AstraZeneca plc jumped 3.8% to 11,110 pence after the UK-based drugmaker reported sales and earnings ahead of market expectations. 

Euronext NV soared 6.6% to €68.85 after the stocks and derivatives exchange operator announced a €200 million stock repurchase program.  

Hermes International SCA rose 3.6% to €2,004.50 after the maker of luxury fashion accessories reported higher-than-expected first-half earnings and second quarter sales. 

Capgemini SE dropped 4.8% to €170.90 despite the IT services provider posting first-half sales increase of 7% and the company added it plans to invest $2 billion in Artificial Intelligence tools over the next three years. 

German Economy Stalls, GDP of France and Spain Expands but Sweden Contracts

European market indexes struggled to advance after a flood of economic data overshadowed corporate earnings. 

Bond yields continued to advance and the euro, the pound and the Swiss franc edged lower after aggressive rate hike worries in the U.S. resurfaced. 

The German economy stalled in the second quarter, the French economy rose more than expected and the Spanish economy slowed, the latest data from statistical agencies showed. 

Germany's economy stalled in the second quarter after declining 0.1% in the first quarter and falling 0.4% in the final quarter of 2022, the Federal Statistics Office or DeStatis reported Friday. 

The French economy expanded at a faster pace of 0.5% in the second quarter from the downwardly revised 0.1% increase in the first quarter, the statistical agency INSEE said in a report on Friday. 

Improving international trade balance added 0.7 percentage point, weaker domestic consumption subtracted 0.4 percentage point and gross fixed capital formation rose 0.1% following a 0.4% decline. 

France's consumer price inflation slowed to 4.3% in July from 4.5% in June and inflation was the weakest since February 2021 when prices rose at 3.6%. 

Spain's GDP slowed in the second quarter to 0.4% from a year ago, the statistical agency INE noted in its economic update. 

Swedish GDP contracted more-than-expected in the second quarter after rebounding in the previous quarter, Statistics Sweden noted in its report on Friday.  

GDP contracted 1.5% on a sequential basis and dropped 2.4% from a year ago, and several factors negatively impacted economic growth including weakening exports in June and falling retail sales in the quarter. 

Retail sales in June fell 0.3% from the previous month and declined 4.4% from a year ago and jobless rate rose to 9.2% in the month from 7.9% in the previous month, the statistical agency noted in separate reports released on Friday. 

Europe Indexes & Yields

The DAX index decreased 0.07% to 16,396.17, the CAC-40 index fell 0.3% to 7,445.24 and the FTSE 100 index rose 0.1% to 7,701.35.  

The yield on 10-year German bonds increased to 2.45%, French bonds traded higher to 3.01%, the UK gilts edged up to 4.34% and Italian bonds increased to 4.08%.

The euro edged lower to $1.09, the British pound to $1.283 and the U.S. dollar fetched 87.00 Swiss cents

Brent crude decreased $0.25 to $83.99 a barrel and the Dutch TTF natural gas increased €1.93 to €26.50 per MWh.

Europe Stock Movers

Natwest Group jumped 2.8% to 246.54 pence after the U.K.-based bank said first-half profit rose, benefiting from higher interest rates. 

Standard Chartered Plc soared 4.8%  743.57 pence after the UK-based bank reported better-than-expected first-half earnings and announced a new $1 billion stock repurchase plan. 

IAG Group SA increased 4.1% to 161.45 pence after the parent of British Air and Iberian Air reported better-than-expected quarterly earnings. 

AstraZeneca plc jumped 3.8% to 11,110 pence after the UK-based drugmaker reported sales and earnings ahead of market expectations. 

Euronext NV soared 6.6% to €68.85 after the stocks and derivatives exchange operator announced a €200 million stock repurchase program.  

Hermes International SCA rose 3.6% to €2,004.50 after the maker of luxury fashion accessories reported higher-than-expected first-half earnings and second quarter sales. 

Capgemini SE dropped 4.8% to €170.90 despite the IT services provider posting first-half sales increase of 7% and the company added it plans to invest $2 billion in Artificial Intelligence tools over the next three years.