The Dow traded 0.1% lower, the S&P 500 was up 0.33%, and the Nasdaq climbed 0.6%.
Dow component IBM traded at roughly a five-month low on Wednesday after the computing giant said first-quarter earnings fell 13% to $1.8 billion and revenue declined for the 20th consecutive quarter. Adjusted earnings were $2.38 a share, higher than a target of $2.35, though revenue of $18.2 billion fell short of $18.4 billion. IBM has been shifting toward areas it calls "strategic imperatives," such as cloud-based services, security software and artificial intelligence, and away from its legacy businesses of selling hardware and software.
IBM shares fell nearly 6%.
New York-based Morgan Stanley earned $1.93 billion, or $1 a share, in its most recent quarter, up from $1.13 billion, or 55 cents a share, a year earlier. Revenue rose to $9.75 billion from $7.79 billion. Analysts anticipated earnings of 89 cents a share on $9.27 billion in revenue. Return on equity of 10.7% came in higher than a 10% target. The stock increased more than 3%.
BlackRock (BLK) exceeded earnings in its first quarter, but fell short of revenue estimates. The company earned an adjusted $5.23 a share, higher than an expected $4.89. Sales rose 8% to $2.82 billion, falling shy of analysts' targets of $2.86 billion. Long-term net inflows to iShares ETFs were $64.5 billion.
BlackRock CEO Larry Fink told Bloomberg Wednesday that U.S. economic "warning signs are getting darker" on concerns over whether the Trump administration will be able to pass tax reform.
U.S. Bancorp (USB) saw an increase in earnings and sales estimates in its first quarter as loan growth boosted its overall performance. Net income increased 6.3% to $1.47 billion, while adjusted earnings of 82 cents a share exceeded estimates by 2 cents. Revenue climbed nearly 6% to $5.32 billion and came in higher than a target of $5.29 billion. Average total loans increased 4.1% from a year earlier.