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The S&P 500 was little changed on Wednesday as investors parsed through a slew of corporate results while awaiting a key policy update from the Federal Reserve.
The Dow Jones Industrials retreated 88.1 points to 34,970.42.
The S&P 500 eked up 1.24 points to 4,402.70,
The NASDAQ heightened 99.61 points to 14,760.19.
The major averages are still on track to end the month higher. The S&P is up 2.4% for July, while the NASDAQ has progressed 1.1%, and Dow has gained 1.6%.
Boeing shares climbed about 5% after the manufacturer posted its first profit since the third quarter of 2019 thanks to a rebound in aircraft deliveries. Pfizer shares rose about 2% after the company reported stronger-than-expected earnings and raised its 2021 sales forecast for the COVID vaccine.
Investors also digested a host of quarterly results from megacap tech names. Google-parent Alphabet popped more than 4% after the tech giant posted quarterly results, registering a 69% jump in advertising revenue.
Apple shares dipped 0.4% after CEO Tim Cook warned that silicon “supply constraints” will affect sales the iPhone as well as the iPad. The company did beat top- and bottom-line estimates and said iPhone sales surged 50% year over year.
Microsoft saw its shares rise 1% after reporting an earnings beat despite a dip in revenue from its Windows division.
The busiest week of earnings continues on Wednesday with Qualcomm, Facebook, Ford and PayPal among the names on deck. Of the S&P 500 companies that have reported quarterly results thus far, 89% have topped earnings estimates, while 86% have exceeded revenue expectations.
The Fed will conclude its two-day meeting on monetary policy Wednesday. The Federal Open Market Committee is set to release a statement at 2 p.m. ET followed by a press conference with Chairman Jerome Powell.
Prices for 10-Year Treasurys faded, raising yields to 1.26% from Tuesday’s 1.24%. Treasury prices and yields move in opposite directions.
Oil prices captured 60 cents to $72.25 U.S. a barrel.
Gold prices slid 20 cents to $1,799.60 U.S. an ounce.
