Stock Market Today: Record Intraday Moves for S&P 500 on Apple, Pepsi Earnings

NEW YORK (TheStreet) -- U.S. stocks closed mixed Wednesday as investors digested earnings from some of the biggest market players including Apple (AAPL), PepsiCo (PEP) and Microsoft (MSFT).

Apple, the most heavily traded stock of the day, gained 2.6% to $97.19 after reporting third-quarter profit up 12% from a year earlier and revenue 6% higher to $37.4 million. 

PepsiCo shares popped 1.9% to $90.82 after the beverage and snacks giant booked stronger-than-forecast earnings and raised its full-year profit outlook.

Microsoft on Tuesday evening reported fiscal fourth-quarter earnings of 55 cents a share, 6 cents less than analysts' estimates, and revenue up 17.3% to $23.38 billion. Microsoft shares ended the session slightly higher, up 0.09% to $44.87.

Delta Air Lines (DAL) added 3.9% to $39.15 after reporting quarterly net income 17% higher to $801 million as passenger revenue increased 9.1% to $9.27 billion.

So far, 149 companies in the S&P 500 have reported earnings with 68.5% beating analysts' expectations.

The S&P 500 climbed by 0.18% to 1,987.01, skimming record highs set earlier in the day. The Nasdaq gained 0.4% to 4,473.70. The Dow Jones Industrial Average ticked 0.16% lower to 17,086.63.

Must Read: 

July 23 Premarket Briefing: 10 Things You Should Know

Stock Market Today: S&P 500 in Record-Marking Zone as Chipotle, Comcast Boost Profits

U.S. stocks moved back into record-making territory on Tuesday as positive earnings overshadowed continued unease in Eastern Europe and the Middle East. Boosting the index, Chipotle (CMG), Comcast (CMCSA) and Verizon (VZ) gained following better-than-expected earnings reports.

S&P Capital IQ reported that S&P 500 second-quarter earnings growth is now expected to come in at 7% year over year, with earnings per share of $28.80. All 10 sectors are anticipated to have grown the second quarter.

Meanwhile, a report from Yardeni Research said that S&P 500 forward earnings rose to a record high last week and have risen in 23 of the past 24 weeks. 

Aerospace giant Boeing  (BA) hiked its 2014 earnings per share outlook to between $7.90 and $8.10 from its previous forecast of $7.15 to $7.35. Net earnings for the second quarter increased by 52% to $1.65 billion as its backlog remained strong at $440 billion with more than 5,200 commercial airplane orders. The stock dragged on the Dow as it slipped 2.3% to $126.71.

Facebook (FB) is up 0.8% to $71.73 after the bell. The social network reported second-quarter earnings of 42 cents a share, 10 cents higher than analysts' estimates. 

AT&T (T) is slipping 0.78% to $35.60 in extended trading after earnings of 62 cents a share missed expectations by a penny. 

Herbalife (HLF) was also drawing attention. Activist investor Bill Ackman denounced the weight loss and nutritional supplements company as a pyramid scheme in a three-hour presentation on Tuesday, but Wall Street shrugged off his criticism and sent the company's stock soaring more than 25% over the day's session. Shares pulled back on Wednesday, dropping 2.5% to $66.11.

-- By Andrea Tse and Keris Alison Lahiff in New York.

More from Markets

Dow Set to Snap 8-Day Losing Streak as Stocks Recover, But Trade War Lingers

Dow Set to Snap 8-Day Losing Streak as Stocks Recover, But Trade War Lingers

Dow Sinks for Eighth Straight Session; Intel's CEO Departs -- ICYMI

Dow Sinks for Eighth Straight Session; Intel's CEO Departs -- ICYMI

Dow Logs Eighth Straight Drop as Stocks Slump

Dow Logs Eighth Straight Drop as Stocks Slump

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

U.S. Banks Pass Fed 'Stress Test' With Room for Dividends, Buybacks

U.S. Banks Pass Fed 'Stress Test' With Room for Dividends, Buybacks