United Parcel Service Inc. shares plunged after the company projected annual revenue well below expectations, telling investors that a long-awaited rebound in demand for its parcel services won’t arrive this year and prompting it to slash its low-margin business with Amazon.

Tesla, IBM and Meta Platforms helped lead most U.S. stocks higher on Thursday following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed.

U.S. stocks slipped after the Federal Reserve held its main interest rate steady and broke a run of cuts that began in September

Key Takeaways Microsoft shares dropped after fiscal second-quarter results were reported late Wednesday. Multiple analysts lowered their price targets for the company following weaker-than-expected growth from Microsoft’s Azure cloud computing platform.

Microsoft reported second-quarter earnings and revenue that beat Wall Street estimates on Wednesday. The stock, however, was dropping. The company reported earnings of $3.23 a share on revenue of $69.