Midday Fly By: Alphabet, Meta, Amazon, Microsoft report quarterly beats

The major averages were broadly higher near noon in a sharp reversal from the previous two trading days as the market figures out how to price strong earnings against a less certain rate outlook. Investors are digesting a wave of mega-cap earnings alongside the Federal Reserve’s latest policy signals. The spotlight remains on technology after results reinforced the strength of AI-driven demand, with traders also eyeing Apple’s quarterly report after the close.

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Looking to data, the Commerce Department reported that GDP increased at a 2% annualized pace in Q1, up from 0.5% in the previous quarter but below market expectations of 2.3%, according to a preliminary estimate.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Alphabet (GOOGL) reported better-than-expected Q1 earnings and revenue, increased its dividend 5%, and increased its FY26 capital expenditure guidance
• Meta Platforms (META) reported upbeat Q1 results, with family DAP reaching an average of 3.56B in March
• Amazon (AMZN) reported better-than-expected Q1 results and provided upbeat Q2 revenue guidance
• Microsoft (MSFT) reported upbeat Q3 results, with Cloud revenue up 29% year-over-year
• Caterpillar (CAT) also reported better-than-expected quarterly earnings and revenue and guided for low-double digit FY26 revenue growth

2. WALL STREET CALLS:

• JPMorgan downgraded Meta (META) on lack of AI product visibility
• Qualcomm (QCOM) upgraded to Buy from Hold at Summit Insights
• Etsy (ETSY) downgraded to Neutral from Buy at B. Riley
• AbbVie (ABBV) upgraded to Buy at BofA on durable growth
• Oppenheimer bullish on Palantir (PLTR), initiated with an Outperform

3. AROUND THE WEB:

• Strong demand for Nvidia’s (NVDA) B300 servers in China has doubled its prices, with the equipment costing about $1M each, Reuters reports
• Unilever (UL) plans to raise prices to soften the hit from higher-than-expected costs driven by the Iran war, with increases in select markets and categories, notably crude oil-exposed home care, and will mainly take effect in the second half of the year, Reuters says
• Apple (AAPL) has told suppliers that it will maintain its current production share in India rather than expand, after local sites struggled without China-based teams, Nikkei Asia reports
• SoftBank (SFTBY) plans to create an AI and robotics company called Roze in the U.S. to build data centers and list it as early as 2026, seeking a $100B valuation, Nikkei Asia says
• KKR (KKR) is exploring the sale of Flora Food Group, the business carved out of Unilever (UL), after increased dairy demand has led the company to abandon a plan to make its entire portfolio plant based, FT says

4. MOVERS:

• Everspin Technologies (MRAM) gains after executing a $40M agreement for Mil-Aero MRAM applications
• Vistance Networks (VISN) increases after reporting Q1 results, announcing a $100M share repurchase program, and agreeing to sell RUCKUS to Belden for $1.846B
• Bandwidth (BAND) and Novocure (NVCR) higher in New York after reporting quarterly results
• Option Care Health (OPCH) and Acadia Healthcare (ACHC) lower after reporting quarterly results
• Waystar (WAY) falls after reporting Q1 results and providing guidance for FY26

5. EARNINGS/GUIDANCE:

• Eli Lilly (LLY) reported Q1 results, with CEO commenting on “a solid start to the year”
• Newmark (NMRK) reported Q1 results and raised its guidance for FY26
• Melco Resorts (MLCO) reported Q1 results, with EPS missing consensus
• Check Point (CHKP) reported Q1 results and provided guidance for Q2 and FY26

INDEXES:

Near midday, the Dow was up 1.48%, or 724.38, to 49,586.19, the Nasdaq was up 0.19%, or 46.94, to 24,720.18, and the S&P 500 was up 0.51%, or 36.32, to 7,172.27.