U.S. equities gained at midday, boosted by tech stocks. In addition, a greater-than-expected rise in weekly unemployment claims increased speculation the Fed might be able to pause raising interest rates to fight inflation when policymakers meet next week. The Dow, S&P 500, and Nasdaq were all in the green.

Amazon (AMZN) shares jumped following a report the company is planning to add an ad-supported tier to its Prime video service. All the other FAAMG stocks were up as well. Warner Bros. Discovery (WBD) shares took off for a second straight day after the media firm’s shakeup of news network CNN. Adobe (ADBE) shares rose as the software maker introduced a new platform of its Firefly generative AI model for business. 

Shares of Tesla (TSLA) advanced on indications it is in talks to build a multi-billion dollar factory in Spain. Carvana (CVNA) shares soared as the online used car dealer raised its second quarter outlook. 

Chemical maker Dow (DOW), Nike (NKE), and 3M (MMM) were the biggest laggards in the Dow. GameStop (GME) shares sank as the electronics retailer fired its CEO and elevated activist investor Ryan Cohen to executive chair. 

A slump in Mother’s Day sales and more cautious consumers led Signet Jewelers (SIG) to cut its outlook, and shares dropped. HashiCorp (HSC) shares slumped as the cloud software provider announced targeted cost reductions and said it will cut its workforce by 8% because of the “current customer and economic environment.”

Oil futures slipped. Gold prices increased. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.