11:35 AM EST, 11/08/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 Index were both up in late-morning trading Friday, while the Nasdaq Composite was down slightly, as investors digest the Federal Reserve's decision Thursday to cut interest rates by a quarter of a point.

In company news, Tesla (TSLA) shares climbed over 5% on Friday to push the electric vehicle maker's market cap over $1 trillion for the first time in more than two years. Separately, Tesla said it is now providing an option to lease its Cybertruck, starting at $999 per month. The leasing option is available to clients in the US with a $7,500 down payment, and the company is offering 24-month and 36-month terms. Shares of Tesla were up 6.8% around midday.

Boeing ( BA ) will move forward with plans to cut around 10% of its workforce worldwide, Reuters reported late Thursday, citing an email by Chief Executive Kelly Ortberg. The CEO also said in the email that Boeing ( BA ) will repay wages of factory workers who were furloughed during the strike, according to the report. Boeing ( BA ) shares were down 0.3%.

Taiwan Semiconductor Manufacturing ( TSM ) said Friday that its net revenue for October rose to 314.24 billion New Taiwan dollars ($9.77 billion) from NT$243.20 billion a year earlier. October revenue was up 24.8% from the NT$251.87 billion it recorded in September, the company said. Year to date, the company said revenue was NT$2.340 trillion, up from NT$1.779 trillion during the same period in 2023. Separately, the company has informed Chinese chip designers that it will halt production of their advanced AI chips, specifically those manufactured at 7-nanometer nodes or smaller starting Monday, the Financial Times reported Friday, citing unnamed people familiar with the mater. Shares of the company were up 0.3%.

Paramount Global ( PARAA ) reported Q3 adjusted earnings Friday of $0.49 per diluted share, up from $0.30 a year earlier and above the Capital IQ consensus analyst estimate of $0.24. Q3 revenue was $6.73 billion, down from $7.13 billion a year ago and below the Capital IQ consensus estimate of $6.97 billion. Paramount shares were down 4.6%.

Walmart ( WMT ) will give freelance delivery drivers new perks like cash incentives to pick up online orders and deliver them to consumers during the holidays, Reuters reported Friday, citing a company official. The move is part of a strategy to better compete with rival Amazon.com ( AMZN ) , according to the report. Separately, Amazon ( AMZN ) is testing a new hybrid retail grocery platform that combines online and in-person shopping, The Wall Street Journal reported Friday. The project will blend Whole Foods Market and Amazon Fresh delivery platforms into one in order to increase the company's scale, the report said. Shares of Walmart ( WMT ) were up 1.7%, while those of Amazon ( AMZN ) were down 0.3%.

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