NEW YORK: Benchmark S&P 500 closed higher in choppy trading on Wednesday, as investors weighed an uptick in Treasury yields amid positive corporate results particularly from technology giants.

An auction of a record $70 billion worth of five-year U.S. Treasury notes on Wednesday helped to push bond yields higher and had weighed on equities. The benchmark 10-year Treasury note rose five basis points to 4.6459%.

Investors were also focused on quarterly earnings from companies, especially from megacap growth stocks. Meta Platforms becomes the second Magnificent Seven stock to report quarterly earnings after the closing bell. Microsoft and Alphabet are scheduled to report their results later this week.

Tesla jumped after the electric vehicle maker's plans to boost production and roll out more affordable models overshadowed its weak quarterly results.

"My biggest concern is the bond market, particularly the long end of the U.S. yield curve," said Bill Strazzullo, chief market strategist at Bell Curve Trading in Boston.

"The next thing is earnings from Meta, Alphabet and Microsoft, that's a big part of the stock market, and the expectations are high," Strazzullo added.

According to preliminary data, the S&P 500 gained 1.13 points, or 0.02%, to end at 5,071.68 points, while the Nasdaq Composite gained 16.63 points, or 0.11%, to 15,712.75. The Dow Jones Industrial Average fell 41.36 points, or 0.11%, to 38,462.33.

Markets are eyeing first quarter gross domestic product data on Thursday and personal consumption expenditures (PCE) for March on Friday. Hotter-than-expected consumer price inflation report for March had pushed back expectations of when the Fed will begin cutting interest rates.

Shares of Boeing fell after the planemaker reported its first quarterly revenue drop in seven quarters, even though the result beat analyst expectations.

Solar inverter maker Enphase Energy dropped after projecting second-quarter revenue below analysts' estimates.

Texas Instruments climbed after the chipmaker forecast second-quarter revenue above analysts' estimates. The Philadelphia Semiconductor Index closed higher as most chip stocks rallied.

Drugmaker Biogen gained after it beat first-quarter profit expectations, while Boston Scientific rose after the medical device maker raised its annual profit forecast.

Hasbro climbed after the toymaker reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates. (Reporting by Chibuike Oguh in New York; additional reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Marguerita Choy)