Midday Fly By: PepsiCo reports mixed Q2, Levi Strauss posts 'beat and raise'

The major averages were broadly higher in a reversal of yesterday's losses, with stock futures moving modestly higher as oil prices retreated from recent highs while investors assess the latest developments in the U.S.-Iran conflict and their potential impact on inflation and global growth. Although the U.S. launched another round of strikes against Iran and Tehran retaliated by targeting U.S. military facilities in Bahrain and Kuwait, investors appear encouraged by signs that neither side is seeking a prolonged disruption to energy markets. Oil prices retreated after an early spike, helping improve sentiment across equities and easing some concerns about another inflation shock. Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: PepsiCo (PEP) reported mixed Q2 results and reiterated its FY26 EPS outlook Levi Strauss (LEVI) provided a "beat and raise" report for Q2 Rackspace (RXT) announced an operating model framework for AI in production with Palantir (PLTR) and cut its FY26 revenue guidance Meta (META) intends to put an AI chip into production in September,