Key Takeaways

• The Dow Jones Industrial Average was higher at midday Wednesday as strong earnings reports offset continued worries about the semiconductor sector. The S&P 500 and Nasdaq were little changed.

• Banks stocks got a lift as Morgan Stanley and U.S. Bancorp both reported better-than-expected results.

• Ulta Beauty shares fell when the beauty products maker said that it faces a challenging environment.

The Dow Jones Industrial Average was higher at midday Wednesday as strong earnings reports offset continued worries about the semiconductor sector. The S&P 500 and Nasdaq were little changed.

Banks stocks got a lift as Morgan Stanley (MS) and U.S. Bancorp (USB) both reported better-than-expected results, boosted by strong net interest income.

Shares of United Airlines (UAL) took off as the carrier beat profit and sales estimates and announced a $1.5 billion stock buyback on improved travel demand.

Prologis (PLD) shares gained after the largest industrial real estate firm's funds from operations (FFO) exceeded forecasts.

Ulta Beauty (ULTA) shares tumbled when the beauty products maker said that it faces a challenging environment.

The selloff continued for New York-traded shares of ASML Holding (ASML) following the Dutch chip equipment maker's warning about demand for non-artificial intelligence (AI) semiconductors.

Novavax (NVAX) shares plunged when the Food and Drug Administration (FDA) put holds on the biotech firm's combination COVID-19 and flu vaccine and standalone flu shot because of a report of a patient developing nerve damage.

Oil futures fell. Gold prices rose. The yield on the 10-year Treasury note dropped. The U.S. dollar was up on the euro, pound, and yen. Bitcoin traded higher.

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