Stocks were tumbling Wednesday ahead of the Federal Reserve's decision on interest rates.
Garmin was a rare bright spot, surging 16% to lead the S&P 500. The Swiss technology company best known for its navigation hardware and fitness trackers lifted its full-year targets following a surge in demand for the second quarter.
GE Healthcare Technologies, up 12%, also was bucking the market downtrend. The medical technology company reported higher sales and better-than-expected profit margins for the second quarter.
Ford Motor jumped 5.5% after the auto maker posted a better-than-expected operating profit for the second quarter and raised its full-year outlook.
Seagate Technology added 2.2%. The data-storage company reported stellar earnings and revenue for its fiscal fourth quarter as the artificial-intelligence boom drove up demand for its products. Rival Western Digital also got a boost, advancing 0.8%.
Other companies weren't faring as well following their quarterly reports. Vertiv slumped 13% as the maker of data-center infrastructure posted second-quarter revenue below analysts' targets.
SoFi Technologies was down 8.8%. Although CEO Anthony Noto spotlighted the "velocity" of the company's growth in the fintech's latest quarter, Wall Street remained unimpressed as earnings only beat estimates by a hair.
Humana fell 6.7%. The health insurer posted second-quarter earnings that were better than anticipated, but investors looked beyond those to focus on a higher medical cost ratio and reaffirmed adjusted earnings guidance.
Procter & Gamble declined 2.7%. The consumer packaged goods giant, whose products range from hair care to laundry detergent, reported mixed quarterly earnings and issued underwhelming profit guidance.
SK Hynix traded flat in the U.S. after the South Korean memory-chip maker missed Wall Street's second-quarter earnings target. Rival Micron ticked 4.1% lower. SK Hynix fared far worse in Seoul trading, finishing the session down 9.6%.
Bloom Energy reversed course and fell 2.2%, even after management guided for 2026 revenue to double from the prior year on the back of better-than-expected quarterly numbers.
More earnings are on the way: Facebook parent Meta Platforms and software giant Microsoft are both set to report after Wednesday's closing bell. Chip maker Qualcomm also is scheduled to report fiscal third-quarter earnings after the end of the trading session.
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