Midday movers: Goldman Sachs, Carvana, Joby Aviation and more

investing.com:

Investing.com — U.S. stocks were rising, adding to recent strong gains as investors digest a deluge of big corporate earnings.

Here are some of the biggest U.S. stock movers today:

Goldman Sachs (NYSE:GS) stock rose 1.5% after the investment bank’s second-quarter profit fell as it took a $504 million write-down tied to its home improvement loan GreenSky business, while the investment banking business took a hit from lower dealmaking volumes.

Microsoft (NASDAQ:MSFT) stock fell 1.4% after hitting an all-time high during the previous session following the tech giant’s announcement it would charge more to access new artificial intelligence features in its Office software.

Johnson & Johnson (NYSE:JNJ) stock rose 0.3% after the drug maker sued the U.S. government in a bid to halt Medicare drug price negotiations. It must also pay $18.8M to a man in California who said he developed cancer from exposure to its baby powder, a setback as it seeks to settle thousands of similar cases.

Carvana (NYSE:CVNA) stock rose 28% after the used-car retailer delivered the best quarter in its history and entered a deal with noteholders to cut debt by $1.2 billion.

M&T Bank (NYSE:MTB) stock rose 2.6% after the lender beat second-quarter profit estimates as the Fed's rapid rate hikes to tame inflation boosted the lender's interest income.

Joby Aviation (NYSE:JOBY) stock fell 17% after JPMorgan downgraded the electric aircraft manufacturer to ‘underweight’ from ‘neutral,’ calling the stock’s recent outperformance “largely overblown."

— Peter Nurse contributed to this report