Stocks initially rose as investors cheered strong earnings from companies like Morgan Stanley and PepsiCo, along with better-than-expected economic data out of China.
The Dow Jones Industrial Average regained 3.42 points to 26,456.08
The S&P 500 skidded 3.15 points to 2,903.89
The NASDAQ Composite gained 0.92 points to 8,001.15
Morgan Stanley shares rose 1.3% after posting earnings and revenue that topped expectations. The banking giant's results were boosted by sales in its wealth management and fixed income trading divisions.
PepsiCo also reported stronger-than-forecast earnings as sales in its Frito-Lay business grew by 5.5%. The stock rose 2.7%. Rail transportation giant CSX, meanwhile, saw its stock rise more than 5% on the back of its quarterly results.
Overall, 84.6% of the S&P 500 companies that have reported calendar first-quarter earnings have topped analyst expectations
Not all stocks reacted positively to their quarterly reports, however. IBM reported better-than-expected earnings, but its stock fell 5.5% as its revenue fell for a third straight quarter. Netflix also fell 1.6% as its guidance for second-quarter earnings disappointed investors.
Qualcomm, meanwhile, rallied 13% — adding to a sharp rise in the previous session — as investors continued to cheer the chipmaker settling a lawsuit with tech giant Apple.
Qualcomm's rally lifted the broader chipmaker space.
Prices for the benchmark 10-year U.S. Treasury were unchanged, keeping yields at Tuesday's 2.59%.
Oil prices gained six cents to $64.11 U.S. a barrel.
Gold prices docked 20 cents to $1,277.00 U.S. an ounce.