Tesla, Warner Bros. Discovery, ADM, and More

U.S. equities were little changed at midday ahead of earnings reports from some of the biggest tech companies later this week, as well as the Federal Reserve’s policy meeting. The Dow was lower, while the Nasdaq and S&P 500 gained.

Archer-Daniels-Midland (ADM) shares advanced following a report the agricultural giant will withhold paying executive bonuses until an investigation of its accounting practices is completed.

Shares of Tesla (TSLA) also rose after the electric vehicle (EV) maker said it would spend more than $10 billion this year on next-generation EVs and artificial intelligence (AI) products.

Shares of sleep apnea device maker ResMed (RMD) jumped on word rival Koninklijke Philips (PHG) would stop selling its machines in the U.S. New York Registry shares of Philips sank.

Warner Bros. Discovery (WBD) shares tumbled as Wells Fargo downgraded the stock and lowered the price target, saying the prospect of a sale of the entertainment company has declined.

A Morgan Stanley downgrade sent shares of Jack Daniel’s maker Brown-Forman (BF.A) lower. Morgan Stanley pointed to weaker-than-anticipated demand for spirits.

Amazon (AMZN) shares were slightly higher, and iRobot (IRBT) shares plunged after Amazon abandoned its $1.4 billion takeover of the Roomba maker because of regulatory scrutiny.

Oil futures fell and gold prices advanced. The yield on the 10-year Treasury note dropped. The U.S. dollar was up on the euro and pound, but slipped versus the yen. Most major cryptocurrencies traded in the green.