12:05 PM EDT, 07/31/2026 (MT Newswires) -- Stocks rose in midday trading Friday, erasing earlier losses as investors assessed earnings from major companies.

Apple ( AAPL ) reported fiscal Q3 earnings late Thursday of $2.02 per diluted share, up from $1.57 a year earlier and above the FactSet consensus estimate of $1.89. Revenue rose to $109.42 billion from $94.04 billion, topping the $109.04 billion consensus. The company expects fiscal Q4 revenue to increase 9% to 11%, below expectations. The shares fell 9.6% around midday.

Amazon.com ( AMZN ) reported Q2 diluted EPS late Thursday of $5.75, up from $1.68 a year earlier and above the consensus of $1.82. Revenue rose to $200.61 billion from $167.70 billion, topping the $197.04 billion consensus. Amazon Web Services sales rose 37% to $42.2 billion. The company expects Q3 revenue of $197 billion to $202 billion, trailing the $203.91 billion consensus. Amazon ( AMZN ) shares jumped 14%.

Novo Nordisk ( NVO ) said its drug candidate, ziltivekimab, did not reduce major adverse cardiovascular events in people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation compared with a placebo in a phase 3 trial. Novo shares fell 8.7%.

Exxon Mobil (XOM) reported Q2 adjusted EPS of $3.52, up from $1.61 a year earlier and trailing the $3.56 consensus. Revenue and other income rose to $116.02 billion from $81.51 billion, topping the $109.94 billion Wall Street estimate. Exxon shares fell 2.2%.

AbbVie ( ABBV ) reported Q2 adjusted diluted EPS of $3.65, up from $2.97 a year earlier and above the $3.60 consensus. Net revenue rose to $16.99 billion from $15.42 billion, topping the $16.78 billion consensus. The company expects full-year adjusted diluted EPS of $13.87 to $14.07, down from its prior guidance of $13.91 to $14.11 and compared with the $14.06 consensus. AbbVie ( ABBV ) shares fell 1.3%.

Chinese AI company Moonshot has a computing power agreement with Alibaba ( BABA ) to use about 20,000 Nvidia (NVDA) chips, Bloomberg reported, citing people familiar with the matter. An Alibaba ( BABA ) spokesperson called the report "completely groundless" in an email to MT Newswires. Alibaba ( BABA ) shares rose 4.8%, and Nvidia shares gained 0.9%.

Chevron ( CVX ) reported Q2 adjusted diluted EPS of $6.06, up from $1.77 a year earlier and above the $5.55 consensus. Revenue rose to $70.06 billion from $44.82 billion, topping the $62.72 billion consensus. Chevron ( CVX ) shares rose 1.2%.

Price: 301.23, Change: -32.21, Percent Change: -9.66