Fortinet, Axon Enterprise, Airbnb, and more

U.S. equities continued their rally at midday Wednesday after a slew of stronger-than-expected earnings reports. The S&P 500 and Nasdaq gained 1%, while the Dow advanced as well. 

Fortinet (FTNT) was the best-performing stock in the S&P 500 as the cybersecurity firm beat earnings and revenue forecasts and raised its guidance on strong services sales.

Shares of Axon Enterprise (AXON) also jumped after the Taser maker beat sales estimates on soaring demand for its Draft One artificial intelligence (AI) service.

Lumen Technologies (LUMN) surged for a second straight day after the telecom provider reported better-than-expected results and a boost in its free cash flow outlook.

Walt Disney (DIS) shares fell after the entertainment giant said slowing consumer demand and inflation were negatively impacting its theme park revenue in the U.S.

Shares of Rivian Automotive (RIVN) tumbled after the electric vehicle (EV) manufacturer’s net loss was bigger than anticipated as it continued to lose money on each EV it sells.

Airbnb (ABNB) shares dropped after the vacation rental firm missed profit estimates and warned about slowing demand in the U.S.

Oil and gold futures were higher. The yield on the 10-year Treasury note rose. The U.S. dollar gained on the euro and yen, but fell to the pound.  Most major cryptocurrencies traded lower.