The markets' gains were capped by a decline in auto stocks after automakers reported a fall in new vehicle sales for April. Ford dropped 3.8 percent, while General Motors fell 2.8 percent. "I think the auto sales numbers have caused the market to take a step back," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company in Milwaukee, Wisconsin.
Overall, profits at S&P 500 companies are estimated to have risen 13.9 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S. At 12:41 am ET (1641 GMT) the Dow Jones Industrial Average was up 43.41 points, or 0.21 percent, at 20,956.87. The S&P 500 was up 3.36 points, or 0.14 percent, at 2,391.69 and the Nasdaq Composite was up 6.94 points, or 0.11 percent, at 6,098.54.
Eight of the 11 major S&P 500 sectors were higher, with the technology index's 0.39 percent rise leading the advancers. Apple hit a record high for the second straight day. The iPhone maker is due to report results after the close of market. A 0.3 percent fall in consumer staples led the laggard. CVS Health was down 2.8 percent at $79.70, while Archer Daniels Midland fell 8.2 percent to $41.98, both after reporting results.
Dow component Pfizer was down 1 percent at $33.43 after the drugmaker's quarterly revenue missed estimates. Advanced Micro Devices tumbled 18.9 percent to $11.04 after the chipmaker's second-quarter gross margins forecast raised some concerns. Coach rose as much as 12.2 percent to a nine-month high of $43.47 after the handbag maker reported a higher-than-expected quarterly profit.
Copyright Reuters, 2017