11:59 AM EDT, 04/30/2024 (MT Newswires) -- All three major Wall Street indexes were down in late-morning trading Tuesday in the wake of higher-than-expected employment cost data and ahead of the Federal Open Market Committee's decision on rates Wednesday.

In company news, Eli Lilly ( LLY ) reported Q1 non-GAAP earnings Tuesday of $2.58 per share, up from $1.62 in the year-ago period and above the $2.49 forecast by analysts surveyed by Capital IQ. First-quarter revenue was $8.77 billion, up from $6.96 billion a year earlier but below the Capital IQ analyst consensus estimate of $8.93 billion. The drugmaker now expects 2024 non-GAAP EPS of $13.50 to $14, up from its prior guidance of $12.20 to $12.70. Analysts polled by Capital IQ expect $12.46. Full-year revenue is now expected to be between $42.4 billion and $43.6 billion, up from its previous guidance of $40.4 billion to $41.6 billion. Analysts surveyed by Capital IQ expect $41.36 billion. Shares of Eli Lilly ( LLY ) were up 4.7% in midday trading.

Coca-Cola (KO) reported Q1 comparable earnings Tuesday of $0.72 per diluted share, up from $0.68 in the first quarter of 2023 and above the Capital IQ analyst consensus estimate of $0.70. First-quarter revenue was $11.30 billion, above both the year-ago figure of $10.98 billion and the analyst consensus estimate on Capital IQ of $10.97 billion. The company said it expects full-year comparable EPS growth of 4% to 5%. Coca-Cola shares were down 0.2%.

McDonald's (MCD) reported Q1 non-GAAP earnings Tuesday of $2.70 per diluted share, up from $2.63 a year earlier but below the Capital IQ analyst consensus estimate of $2.73. Total revenue for the quarter was $6.17 billion, up from $5.90 billion in Q1 2023 and matching the consensus analyst estimate on Capital IQ. Shares of the company were up 0.2% even near noon.

HSBC Holdings ( HSBC ) reported Q1 earnings Tuesday of $0.54 per diluted share, up from $0.52 a year earlier. First-quarter revenue was $20.75 billion, up from $20.17 billion in the year-ago period. The company announced that following the sale of its Canadian banking business, its board approved a special dividend of $0.21 per share, payable in June alongside a first interim dividend of $0.10 per share. In addition, the company announced that it plans to launch a share buyback program of up to $3 billion in May. Finally, HSBC ( HSBC ) said that Chief Executive Noel Quinn will retire and that the board has started a formal search for a successor. HSBC ( HSBC ) shares were up 3.5%.

Eaton (ETN) reported Q1 earnings Tuesday of $2.40 per share, up from $1.88 a year earlier and above the Capital IQ consensus analyst estimate of $2.29. Net sales for the quarter were $5.94 billion, up from $5.48 billion in Q1 2023 and above the analyst consensus estimate on Capital IQ of $5.90 billion. The company said it expects Q2 adjusted EPS of $2.52 to $2.62, above the Capital IQ consensus analyst expectation of $2.50. For full-year 2024, Eaton raised its adjusted EPS estimate to $10.20 to $10.60 from the previous range of $9.95 to $10.35. Analysts polled by Capital IQ expected $10.27. Shares of Eaton were down 3.9%.

Walmart ( WMT ) announced Tuesday that will close all 51 of its health centers across five states and also shutter its virtual care business. Separately, Walmart ( WMT ) also unveiled its new premium, private-label food brand called Bettergoods, with 300 items ranging in price from under $2 to under $15. Lastly, Walmart ( WMT ) and Vizio (VZIO) each received a request for additional information and documentary materials from the Federal Trade Commission in connection with the regulator's review of the companies' merger, according to a Vizio regulatory filing. Walmart ( WMT ) shares were down 1.5% around noon.

Microsoft ( MSFT ) announced on Tuesday its intention to invest $1.7 billion to support artificial intelligence and cloud services in Indonesia over the next four years. The investment will also support AI upskilling opportunities for 840,000 people, the company said. Shares of Microsoft ( MSFT ) were down 1.4% in midday trading.

BBVA (BBVA) confirmed media reports that it has reached out to the chair of the board of directors of Banco de Sabadell SA to convey its board's interest in exploring a potential merger. BBVA also confirmed that it has appointed advisers. Shares of BBVA were down 7.6%.

The National Highway Traffic Safety Administration said it finalized a rule on Monday that will make automatic emergency braking, including for pedestrians, standard on all passenger light trucks and cars by September 2029.

The Federal Trade Commission (FTC) announced Tuesday that it sent warning letters to 10 companies and notified the Food and Drug Administration (FDA) that it disputes the accuracy or relevance of more than 300 patent listing across 20 different brand name products in the FDA's Orange Book. The FTC's challenges include patent listings for Ozempic, Victoza and Saxenda.

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