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 84.37 points to 34,973.65.
The S&P 500 fell 0.62 points to 4,400.84,
The NASDAQ popped 101.39 points to 14,761.96.
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 6% after the manufacturer posted its first profit since the third quarter of 2019 thanks to a rebound in aircraft deliveries. Pfizer shares rose bout 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 2.5% 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 slightly after reporting an earnings beat despite a dip in revenue from its Windows division.
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 1.25% from Tuesday’s 1.24%. Treasury prices and yields move in opposite directions.
Oil prices captured 45 cents to $72.10 U.S. a barrel.
Gold prices slid $4.80 to $1,795.00 U.S. an ounce.