Key Takeaways

• The Dow and S&P 500 lost ground at midday Thursday, while the Nasdaq edged higher with Tesla leading gains on the tech-heavy index after the company's earnings topped estimates.

• Molina Healthcare shares surged after the health insurer reported results that beat expectations with higher payouts for Medicaid coverage.

• Carrier Global shares sank as the maker of air conditioners and building automation systems reported revenue missed estimates.

The Dow and S&P 500 lost ground at midday Thursday, while the Nasdaq edged higher with Tesla (TSLA) leading gains on the tech-heavy index after the company's earnings topped estimates.

Tesla shares soared, putting them in positive territory for the year, with CEO Elon Musk saying he expects the electric vehicle maker to become the most valuable company in the world.

Molina Healthcare (MOH) was the best-performing stock in the S&P 500 after the health insurer reported results that beat expectations with higher payouts for Medicaid coverage.

Shares of ServiceNow (NOW) jumped after the software provider reported strong results on demand for its artificial intelligence (AI) products.

UPS (UPS) shares surged after the shipper reported better-than-expected quarterly results, returning to revenue and profit growth for the first time in nearly two years.

Carrier Global (CARR) shares sank as the maker of air conditioners and building automation systems reported revenue that missed estimates and cut its guidance as it moved to exit its Fire & Security business.

Shares of Keurig Dr Pepper (KDP) fell after the coffee machine and soft drink company’s U.S. coffee sales slipped, and it said it was buying energy-drink maker Ghost Beverages for more than $1 billion.

Honeywell International (HON) shares declined as the aviation and safety equipment manufacturer missed revenue expectations and lowered its outlook as demand for its industrial automation products fell.

Oil futures slid, while gold prices rose. The yield on the 10-year Treasury note dropped. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies advanced.

Read the original article on Investopedia.