U.S. indices were mixed midday Tuesday as investors anticipate the decision from the two-day Federal Reserve meeting that began today.
The S&P 500 was up 0.2% while the The Nasdaq fell 0.3%. Dow Jones Industrial Average was hovering around unchanged in midday trading.
Crude prices climbed Tuesday as international standard Brent crude contracts were up $1.32 to $45.80 per barrel, while West Texas crude contracts were up $1.37 to $44.01 per barrel.
Rising crude prices, plus strong first-quarter financial results caused BP (BP) to climb 5% on heavy volume midday. Real Money's Jim Cramer credited the company's refining and marketing business with helping it surpass analysts' top- and bottom-line expectations for the quarter.
Fellow oil company ConocoPhillips (COP) rose 2.6% and Exxon Mobil (XOM) edged up 0.6%. Meanwhile, in oilfield services, Tidewater (TDW) gained 2.5% and McDermott International (MDR) climbed 1.7%.
Advanced Micro Device's (AMD) shares continued to jump Tuesday, up more than 7% on heavy volume, one session following its first-quarter earnings beat. The semiconductor manufacturer also provided upside full-year guidance.
"We are optimistic about our growth prospects in the second half of the year across our businesses based on new product introductions and design wins," CEO Lisa Su said.
Micron Technology (MU) shares were up nearly 10% on heavy volume Tuesday after rival chipmaker SK Hyinx said that it anticipates DRAM shipments to grow about 15% in the second quarter. That was good news for the struggling industry.
Shares of Corning (GLW) were dropping, down nearly 7% on more than double its normal volume after the company reported first-quarter earnings in line with analyst estimates on revenue that missed analysts' expectations. Sales during the period fell 10.7% year over year to $2.17 billion, yielding earnings of $0.28 per share.
Shares of Office Depot (ODP) were falling on weak volume following the company's latest earnings release. The company didn't suffer steep losses and even spent some of the morning in the green, as the market awaits the results of the company's antitrust hearing.
Finally, shares of Action Alerts PLUS holding Apple (AAPL) were down 0.7% on weak volume ahead of the release of the tech giant's second-quarter results following the closing bell.