NEW YORK (TheStreet) -- Stocks moved off session highs by mid-morning Wednesday after a rise in crude inventories dampened a rally in oil.

The S&P 500 was up 0.71%, the Dow Jones Industrial Average added 0.76%, and the Nasdaq climbed 0.63%.

Crude oil was higher but fell further from the $50-a-barrel level after crude inventories rose by 3.1 million barrels in past week, according to the Energy Information Administration. West Texas Intermediate crude climbed 1% to $49.11 a barrel after jumping more than 2% earlier in the session. 

The energy sector remained one of the best performers on markets. Exxon Mobil(XOM) - Get Report , Chevron(CVX) - Get Report , Royal Dutch Shell (RDS.A)  and BP(BP) - Get Report were all more than 1% higher, while the Energy Select Sector SPDR ETF (XLE) - Get Report added 1.2%.

Pure Storage (PSTG) - Get Report  opened for trading Wednesday below its initial public offering price of $17 a share. Shares were trading around $16.60 shortly after their market debut. Pure Storage's IPO was priced at the midpoint of its $16 to $18 a share range. 

Monsanto (MON) shares fell more than 2% after the company missed quarterly estimates on its top- and bottom-lines and revealed plans to cut as many as 2,600 jobs over the next two years. The agricultural company reported a loss of $1.06 a share in its fourth quarter, far steeper than estimates of a loss of 2 cents. Monsanto said lower commodity prices would likely reduce sales through 2016. 

Constellation Brands(STZ) - Get Report reported a better-than-expected second quarter, driven by strong growth in its beer brands including Corona and Modelo. Overall beer sales climbed 14% to $1.02 billion, representing 59% of total revenue. Wine and spirit sales increased 3%. 

Pandora (P) shares dropped 2% after the streaming-music service confirmed it has purchased online ticket agency Ticketfly for $450 million in a cash-and-stock deal. Ticketfly focuses on small venues and sold 16 million tickets last year. 

Yum! Brands(YUM) - Get Report plummeted 16% after quarterly results showed the company is still suffering from a food safety scandal in its critical Chinese market. Quarterly earnings of $1 a share missed estimates by 7 cents.

Volkswagen (VLKAY) shares were on watch after the company's new CEO Matthias Mueller said recalls for the millions of diesel vehicles with emissions-gaming software would begin in January. Mueller also said he believed only a handful of employees had knowledge of the cheat and that his predecessor Martin Winterkorn was not involved.

Adobe(ADBE) - Get Report dropped more than 2% after the software company issued a below-consensus forecast. The company expects full-year revenue of $5.7 billion, below estimates of $5.93 billion, and earnings of $2.70 a share, well under forecasts of $3.19.

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SABMiller (SBMRY) has formally rejected a sweetened takeover offer from Anheuser-Busch(BUD) - Get Report . The Budweiser owner had increased its offer to $104 billion in cash, or 42.15 pounds a share ($64.35), in what would have been the biggest deal of the year. The deal represents a 44% premium to SABMiller's trading price before talks began in September.

Exelon(EXC) - Get Report and Pepco (POM) shares were on watch after Washington D.C. Mayor Bowser announced her support for the merger that would create the largest U.S. utility by customer count. Bowser said the deal would boost investment in the city to $78 million from $14 million. The mayor had initially opposed the deal.

Tesla(TSLA) - Get Report fell nearly 2% after analysts at Robert Baird downgraded to 'neutral' from 'outperform.' The firm said the Model X ramp could take longer than expected. Separately, RBC Capital started coverage with a 'sector perform' rating and $280 price target.