12:11 PM EDT, 07/09/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite were both up after midday trading on Tuesday, while the Dow Jones Industrial Average was down, as investors listened intently to Federal Reserve Chair Jerome Powell's testimony on Capitol Hill.

In company news, Boeing ( BA ) delivered 44 commercial aircraft in June, up from 24 in May, and 92 commercial planes in Q2, up from 83 in Q1, the company said Tuesday. In the defense, space and security sector, Boeing ( BA ) delivered 28 aircraft in Q2, up from 14 in Q1. Shares of the company were down 0.2% after midday trading.

The Federal Reserve may tweak the way it calculates an extra layer of capital it levies on US global systemically important banks, known as the "GSIB surcharge," Reuters reported, citing four people with knowledge of the matter. The central bank is mulling updates to the inputs it uses in its calculation to adjust for economic growth, which would reduce banks' systemic scores and capital surcharges, the people reportedly told Reuters. Together, the eight US GSIBs -- Bank of America ( BAC ) , Bank of New York Mellon ( BK ) , Citigroup ( C ) , Goldman Sachs (GS), JPMorgan Chase ( JPM ) , Morgan Stanley ( MS ) , State Street (STT) and Wells Fargo ( WFC ) -- held about $230 billion of capital due to the surcharge in Q1, Reuters reported, citing Fed data. Shares of Bank of America ( BAC ), New York Mellon, Citigroup ( C ), Goldman, JPMorgan ( JPM ), Morgan Stanley ( MS ), State Street and Wells Fargo ( WFC ) were up 2.6%, 1%, 2.9%, 1.5%, 1.8%, 1.4%, 1.2% and 1.4%, respectively.

BP (BP) said Tuesday it expects "significantly lower" refining margins in Q2, potentially impacting earnings from oil products by $500 million to $700 million. The energy giant also said it expects a write-down on the value of its Gelsenkirchen refinery in Germany of $1 billion to $2 billion due to post-tax impairment charges related to an ongoing review of the plant. Lastly, BP said that upstream production is expected to be "broadly flat" in Q2 relative to Q1. BP shares were down 4.6%.

KKR (KKR) intends to reduce its ownership in Kokusai Electric by selling about half of its 43% stake to investors, Reuters reported Tuesday, citing two people familiar with the matter. Kokusai will buy the shares back in the market, one of the sources reportedly told Reuters. A 20% stake in Kokusai is worth about $1.6 billion as of Monday's closing price, according to Reuters. Shares of KKR were up 0.6%.

Pershing Square USA said Tuesday it has launched a roadshow for the initial public offering of its common shares. The IPO price will likely be $50 per share, the company said, adding that it will seek a New York Stock Exchange listing under the ticker symbol "PSUS."

Price: 185.38, Change: -0.46, Percent Change: -0.25