Midday movers: Nvidia, TSMC, Five Below, Spirit Airlines and Eli Lilly fall

(Updated – July 17, 2024 11:30 AM EDT)

Investing.com — U.S. stock futures fell sharply Wednesday, with the tech stocks in sharp retreat as the quarterly earnings season continues.

Here are some of the biggest U.S. stock movers today:

Taiwan Semiconductor Manufacturing (TSM) stock fell 5% after Donald Trump, the Republican candidate for the U.S. presidency, said Taiwan should pay the U.S. for supplying defense equipment, putting the spotlight on the island’s biggest company.
Nvidia (NASDAQ:) stock fell 5% and ASML (AS:) ADRs dropped almost 11% following a Bloomberg report that said the Biden administration is considering clamping down on companies exporting their critical chipmaking equipment to China. Shares of Intel (NASDAQ:) and GlobalFoundries (NASDAQ:) climbed.
Amazon (NASDAQ:) stock fell 3%, weighed by the overall negative tone even though the online retail giant’s annual Prime Day two-day shopping event, which concludes later, could see its sales rise 10.5% from last year, according to forecasts from Adobe (NASDAQ:).
Five Below (NASDAQ:) stock slumped 22% after the discount retailer said that its CEO Joel Anderson had stepped down and preannounced second-quarter guidance that fell short of estimates.
Johnson & Johnson (NYSE:) stock rose 3% after the healthcare giant reporting a robust second quarter, with both earnings and revenue surpassing Wall Street estimates, driven by strong sales of its drugs.
Spirit Airlines (NYSE:) (SAVE) stock dropped 9% after the carrier lowered its second-quarter revenue outlook, citing lower-than-expected non-ticket revenue.
JB Hunt (NASDAQ:) stock fell 7.5% after the transportation company reported a 24% drop in second-quarter profit as well as a 7% decrease in total operating revenue.
Eli Lilly (NYSE:) and Novo Nordisk (CSE:) (NYSE:) both dropped 3% after Swiss rival Roche (LON:) (RO) revealed promising early-stage trial data from its latest obesity drug candidate.
Synchrony Financial (NYSE:) stock rose 0.7% after the financial services company posting a nearly 12% rise in second quarter net profit, driven by higher income from loans that offset an increase in the consumer banking firm’s loan loss reserves.
UnitedHealth Group (NYSE:) rose 3.2% after analysts at Jefferies upgraded the stock to ‘buy’, citing clarity on growth following its recent earnings report.
Charles Schwab (NYSE:) fell 5%, extending Tuesday’s drop following disappointing results, as analysts slashed their price target on the stock.
Apple (NASDAQ:), Meta Platforms (NASDAQ:) and other so-called magnificent seven stocks slumped as the tech sector suffered its worst intraday decline in months.