FedEx, Rivian, General Mills, and More

The Nasdaq gained, while the Dow and S&P 500 were little changed at midday Wednesday ahead of a key report on inflation due later in the week.

FedEx (FDX) was the best-performing stock in the S&P 500 after the delivery giant posted better-than-expected results, thanks in part to its cost-cutting efforts.

Shares of Whirlpool (WHR) soared on a report German rival Robert Bosch was looking into purchasing the U.S. appliance manufacturer.

Campbell Soup (CPB) shared advanced following an upgrade from JPMorgan, which pointed to strong demand for its Rao brand products.

General Mills (GIS) shares tumbled as the maker of Cheerios and other packaged foods missed sales estimates and gave soft guidance as it was impacted by lower prices and volumes.

Shares of Aptiv (APTV) sank after a downgrade from Piper Sandler, which warned a new joint venture between electric vehicle (EV) maker Rivian Automotive (RIVN) and Volkswagen could negatively affect auto tech suppliers. Rivian shares soared on the news.

Shares of Paychex (PAYX) slumped after the payroll services provider said full-year earnings growth could slow. 

Oil and gold futures fell, while the yield on the 10-year Treasury note rose. The U.S. dollar rose against the euro, pound, and yen. Prices for most major cryptocurrencies were lower.