The NASDAQ Composite advanced Wednesday as investors cheered the first crop of Big Tech earnings.
The Dow Jones Industrials dipped 35.37 points to 33,495.26.
The S&P 500 gained 10.28 points to 4,081.91.
The technology-based index recovered 141.16 points, or 1.1%, to 11,940.32.
Microsoft climbed more than 7% to trade at its highest point this year after beating Wall Street's expectations on the top and bottom lines in its latest quarter. Alphabet shares were up more than 1.5% after the Google parent also posted better-than-anticipated earnings.
Microsoft also said it saw a big jump in revenue from its Intelligent Cloud business segment. Amazon rose nearly 3% as some market participants grew hopeful that the e-commerce giant's cloud business could also show strong revenue growth when reporting earnings Thursday.
Elsewhere, Chipotle shares jumped more than 14% to an all-time high on the back of strong earnings.
But First Republic Bank slid more than 20% after falling almost 50% on Tuesday. The regional bank said late Monday that its deposits dropped 40% to $104.5 billion in the first quarter.
Investors will remain focused on tech with Meta Platforms slated to report post-bell on Wednesday. Mattel and eBay are also expected to report after the market closes.
Demand for long-lasting goods like appliances and computers was higher than economists expected in March, according to data released Wednesday morning, in a sign that the economy is showing resilience. This data point comes ahead of the latest GDP update slated for Thursday and the big Personal Consumption Expenditures Price Index — the Federal Reserve's favored inflation gauge — on Friday.
Prices for the 10-year Treasury were lower, raising yields to 3.42% from Tuesday's 3.39%. Treasury prices and yields move in opposite directions.
Oil prices fell 17 cents to $76.90 U.S. a barrel.
Gold prices brightened $3.10 to $2,007.60 U.S. an ounce.