Wall Street is holding relatively steady following a mixed set of profit reports from such giants as McDonald’s and The Walt Disney Co.

The S&P 500 was up 0.2% in early trading Wednesday. The Dow Jones Industrial Average was up 78 points, and the Nasdaq composite was up 0.3%.

McDonald’s and Shopify rose following their profit reports, while Super Micro Computer tumbled after its earnings and revenue came in below analysts’ expectations. Disney fell after its profit beat forecasts but its revenue fell short. The mixed trading continues a cooldown for the stock market after several sharp swings.

Advanced Micro Devices dropped 6.7 % in premarket trading after the chipmaker reported disappointing revenue from data center, an artificial intelligence chip segment that investors have been betting for higher growth.

AI server maker Super Micro also underwhelmed as it missed fourth-quarter revenue estimates, sending its shares plunging 17%. Shares of rivals Dell Technologies and HP Enterprise fell 3% and 1.1%, respectively.

Uber slipped 2% despite unveiling a $20 billion stock buyback program and forecasting third-quarter bookings above Wall Street estimates.

Walt Disney posted better-than-expected quarterly results and raised its full-year earnings guidance, but its shares fell 1.5%.

Airbnb, DoorDash and Lyft will report after the market closes.

"Sectors more exposed to tariffs and regulatory changes are seeing negative earnings revisions as well as weaker guidance," said Nicole Inui, head of equity strategy at HSBC Americas.

"We expect a more substantial hit in the third quarter," and "earnings growth to slow in the second half reflecting tariff pressure and a weaker economy."

Wall Street's early rally fizzled out on Tuesday, with stocks closing lower after a surprise stall in U.S. services sector activity and the sharpest spike in input costs in nearly three years — clear signs of mounting pressure from President Donald Trump's tariffs.

The fallout from the trade war was evident in disappointing results from Yum Brands, Caterpillar and Marriott.

This setback followed last week's troubling jobs report, which showed slowing employment growth and downward revisions for previous months — fueling concerns about a weakening labor market.

As a result, traders are now betting heavily on a September Fed rate cut, with odds soaring to 87.5% from just 46.7% last week, according to CME Group's FedWatch tool, and many expect at least two cuts by the end of 2025.

Trump's tariff threats showed no signs of easing. The president on Tuesday said he would impose a "small tariff" on pharmaceutical imports before hiking it to triple-digit percentage in a year or two.

Trump also announced plans for new levies on semiconductors and chips in the "next week or so."

Adding to the uncertainty, Trump will decide on a nominee to replace outgoing Fed Governor Adriana Kugler by the end of the week, while saying he narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four.

Economies worldwide were still scrambling to strike favorable deals with Washington. Beijing's trade truce with the U.S. is set to expire on August 12, as the world's two largest economies move toward an agreement.

Among other movers, Arista Networks jumped 12.6% after the cloud networking firm forecast third-quarter revenue above analysts' estimates.

San Francisco Fed President Mary Daly, Boston Fed chief Susan Collins and Fed Board Governor Lisa Cook are scheduled to speak later in the day.