Midday Report: Utilities Selloff Overshadows Apple Rally; Auto Sales Drop in January

Wall Street turned mixed as an Apple (AAPL) - Get Report -inspired tech rally failed to offset weakness elsewhere on Wednesday. A sharp selloff in utilities stocks pushed the S&P 500 into the red.

Trading in crude oil was volatile after a weekly reading on inventories showed a sharp increase. U.S. stockpiles rose in the past week by nearly three times as much as expected. The energy sector was one of the worst performers on Wall Street.

Automakers reported a drop in vehicle sales in January. Ford (F) - Get Report and Fiat Chrysler (FCAU) - Get Report saw sharp declines in their car sales last month, while a drop in overall sales at General Motors (GM) - Get Report caused inventories to surge.

Manufacturing activity climbed in January to its strongest level in more than two years. The sector rebounded from the pressures of weak demand and a strong dollar that hampered growth last year.