Midday trading saw a flurry of activity from several companies. Alphabet, Google's parent company, gained 4.4% after rolling out its vast language model, Bard AI, in Brazil and the European Union. The chipmaker, Cirrus Logic, dropped more than 3% in midday trading as it announced plans to cut 5% of its workforce with an 8K filing. Nvidia, a leader in semiconductor and artificial intelligence, rose 2.2% after investing $50 million into Recursion to advance AI-based drug discovery. The media giant, Disney, saw a minor increase of less than 1% after the company revealed its intention to extend CEO Bob Iger's contract by two years, through 2026. Bank of America followed up with a buy rating for Disney. On the other hand, Carvana shares tumbled 7% after being downgraded to underweight from neutral by JPMorgan. Additionally, the firm set a price target of $10, indicating a potential 74% downside from Wednesday's close. To add to this, SoFi, a financial technology stock, decreased 1.4% upon Morgan Stanley's underweight rating. The Wall Street firm expressed its belief that the company ought to be valued more like a bank and a fintech firm. In regards to ViaSat, the stock tanked 29% for its worst day on record as the company revealed a malfunction with its recently launched communications satellite. Shopify witnessed a 5.5% increase in midday trading after chief executive Tobi Lutke announced an AI assistant tool intended for entrepreneurs in a video on Twitter. Amazon experienced an uptick of 2% as the e-commerce giant reported $12.7 billion in online sales for its biggest ever Prime Day. Finally, Progressive's shares fell about 11% after the insurance company revealed results for June and the full second quarter. The company reported a combined ratio above 100 for both the quarter and the month and its net premiums written for the quarter was below the $15.04 billion expected, according to StreetAccount. CNBC's Samantha Subin, Yun Li, Jesse Pound, Michelle Fox and Alex Harring contributed to this report.
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