General Motors, Kimberly-Clark, PepsiCo, and More

U.S. equities advanced at midday as the market focused on the latest corporate earnings reports and awaited those from some of the biggest tech firms. The S&P 500, and Nasdaq added more than 1%, while the Dow also gained.

General Motors (GM) shares jumped as the carmaker beat profit and sales estimates and raised its outlook on strong demand for its trucks in North America.

Novartis (NVS) American depositary receipts (ADRs) were higher after the pharmaceutical firm also reported better-than-expected results and boosted its guidance on booming sales of its top-selling drugs, Entresto and Cosentyx.

Kimberly-Clark (KMB) shares rose as higher prices helped the consumer products giant post strong results and revised guidance.

PepsiCo (PEP) shares slipped after the soft drink and snack maker reported volumes were under pressure because higher prices limited sales to lower-income consumers.

Shares of LKQ (LKQ) slumped as the aftermarket auto parts retailer missed earnings and revenue estimates. LKQ cut its outlook on slowing demand and higher-than-anticipated restructuring and transaction-related costs.

MSCI (MSCI) shares tumbled as the investment research firm missed revenue forecasts on subscription cancellations.

Oil futures rose and gold prices fell. The yield on the 10-year Treasury note was down. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded in the green.