U.S. indices were rising across the board midday Wednesday, rebounding from declines experienced in the previous session. The Nasdaq was leading the way higher, up 0.9%, while the S&P 500 was up 0.6% and the Dow Jones Industrial Average 0.5%.
Crude prices were also climbing midday, with industry-standard Brent crude futures contracts for July delivery rising $0.37 to $49.65 per barrel and West Texas Intermediate crude futures for June delivery up $0.46 to $48.77 per barrel.
Crude's gains have helped oil stocks climb Wednesday, with ConocoPhillips (COP), Exxon Mobil (XOM) and BP (BP) all gaining.
LendingClub (LC) shares were up 7% despite the company receiving a subpoena from the New York Department of Financial Services requesting information on interest rates, fees and the duration and volume of loans made to New Yorkers. This is the third investigation the company has faced since former CEO Renaud Laplanche was ousted earlier this month, though this investigation is unrelated to Laplanche's departure, the Wall Street Journal reported.
Vipshop (VIPS) was off more than 13% following its latest earnings release. The Chinese online discount retailer saw a 41% year-over-year decrease in revenue after reporting at least a 60% increase in revenue each of the past four quarters.
Shares of Target (TGT) were getting hammered on more than 5x their normal volume following the retailer's latest earnings release. The company reported mixed quarterly results, beating bottom-line expectations, but missing revenue and comparable store growth estimates.
Shares of Tesla Motors (TSLA) were up 3.5% midday after the stock was upgraded to Buy from Neutral by analysts at Goldman Sachs who also set a price target of $250.
Lastly, Verizon (VZ) spent most of the day in negative territory before breaking into the green midday as the company continues contract talks with striking union members. About 40,000 workers in its Fios unit walked off the job in April after contract negotiations failed to yield an agreement.
