In midday trading, the stock market experienced a downward trend with major indices showing losses. The S&P 500 was down 0.5%, while the tech-heavy Nasdaq Composite saw a significant decline of 1%. The Dow Jones Industrial Average slipped 0.3%, and the Russell 2000 Index fell 0.6%.

Multiple stocks from the Mag 7 group also registered losses during midday trading. Nvidia (NVDA) shares were down 2% ahead of the company's upcoming Q2 earnings report, which is expected to be released later in the day. Super Micro Computer witnessed a sharp decline of 23% due to a delay in filing their annual report and the announcement of a short position by Hindenburg Research.

Another notable drop was seen in Coinbase, which experienced a 4% decrease as the price of Bitcoin fell below $60,000. On the other hand, Nordstrom saw a positive surge of 5% after reporting an earnings beat and upgrading its guidance. However, Bath & Body Works faced a 5% decline following weaker-than-expected financial results.

Looking at upcoming earnings reports, Lululemon witnessed a drop of nearly 5% in anticipation of its Thursday earnings release. Nordstrom, while experiencing a boost in its share price, also raised the lower end of its full-year guidance, indicating optimism for fiscal year 2024. The company now anticipates earnings to be between $1.75 and $2.95 per share, up from the previous forecast of $1.65 to $2.05 per share.

CEO Erik Nordstrom attributed the growth in sales at nordstrom.com to a broader range of price points, improvements in search and discovery, as well as high in-stock rates of their fastest-selling items.

Meanwhile, Super Micro Computer faced a significant setback as its stock plunged by 23% amidst a delay in filing its annual report. The company stated the need for additional time to assess the design and effectiveness of its internal controls over financial reporting. Adding to its challenges, Hindenburg Research disclosed a short position, raising concerns about the company's accounting, governance, and compliance issues.

Bath & Body Works also saw a decline of 5% after reporting weaker earnings and providing a cautious outlook. Despite slightly beating analysts' expectations for the quarter ended August 3, the company's CEO, Gina Boswell, cited a choppier macroeconomic environment and first-half sales trends as factors contributing to the adjusted full-year guidance, which projects a decrease in sales between 2% and 4% for fiscal year 2024.

As midday trading continued, investors closely watched these companies and their stock performance amidst various financial updates and market sentiments.