Investing.com -- U.S. stocks were mixed on Wednesday, with investors digesting a deluge of corporate earnings ahead of the eagerly-awaited Federal Reserve policy meeting.
Here are some of the biggest U.S. stock movers today:
Microsoft (NASDAQ: MSFT ) stock fell 4.6% after the software giant reported that growth at its key Azure cloud computing division decelerated to 27% during the April to June period as clients moved to rein in expenditures in the face of economic uncertainty.
- Coca-Cola (NYSE: KO ) stock rose 1.2% after the soft drinks giant raised its annual revenue forecast, betting on higher pricing and resilient demand for its products.
Snap (NYSE: SNAP ) stock fell 18.9% after the photo messaging app owner reported weaker-than-expected third-quarter guidance, struggling to compete with bigger tech rivals for advertising revenue.
AT&T (NYSE: T ) stock rose 0.4% after the telecommunications giant beat estimates for second-quarter free cash flow as efforts to lower costs and attract wireless monthly paying subscribers with cheaper plans paid off.
Wells Fargo (NYSE: WFC ) stock rose 1.7% after the bank's board authorized a new share buyback program of up to $30 billion.
Amazon (NASDAQ: AMZN ) stock fell 1.2% after Politico reported the U.S. Federal Trade Commission is finalizing its long-awaited antitrust lawsuit against the online retail giant that could ultimately break up parts of the company.
Stellantis (NYSE: STLA ) stock rose 3.4% after the world’s third-largest automaker by sales beat first-half expectations for revenue and operating profit, with CEO Carlos Tavares saying cost cutting will have to accelerate to keep profitability strong in a more challenging pricing environment.
-- Peter Nurse contributed to this report
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