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NEW YORK (CNNMoney)
Apple (AAPL, Fortune 500), one of the most widely-held stocks, often has an outsized impact on the overall tech sector and its 5% rise helped keep the tech-heavy Nasdaq afloat early in the day. A more than 8% jump in shares of Electronic Arts (EA) on the back of an earnings beat also helped.
Meanwhile, the Dow Jones industrial average and the S&P 500 slipped about 0.5%, brought down by Caterpillar (CAT, Fortune 500), Broadcom (BRCM, Fortune 500) and AT&T (T, Fortune 500). All three delivered results short of Wall Street's forecasts.
Caterpillar also lowered its earnings and sales outlook for the year, sending shares 2.5% lower. The heavy equipment manufacturer's stock was the biggest loser in the Dow.
The drop in the two indexes comes after the Dow closed at a record high Tuesday, while the S&P 500 remained near its record high. Both have gained about 19% so far this year, as well as the Nasdaq.
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Stocks have been grinding higher as investors take solace in mostly improved earnings. Overall, corporate earnings have been better than anticipated, although revenue growth remains modest.
Among the nearly 150 companies in the S&P 500 that have reported second-quarter results, 65% have topped analysts' low expectations, according to S&P Capital IQ.
Aside from earnings, Dell (DELL, Fortune 500) said it has received a revised offer from founder Michael Dell, and would be holding a special meeting Aug. 2 to consider its options.
Apparel company HanesBrands (HBI) said it reached an agreement to buy Maidenform Brands (MFB) in an all-cash deal worth $575 million.
On the economic front, the Commerce Department said new home sales rose at an annual rate of 497,000 in June, up 8.3% from May. Economists had expected an annual rate of 483,000.
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European markets ended modestly higher after the latest eurozone purchasing managers' index showed the region was stabilizing. Manufacturing output grew for the first time since February 2012, while the service sector saw its smallest rate of decline for 18 months.
"The hope for the eurozone is that current gradually rising confidence encourages businesses to increasingly pare back their job cutting and become more prepared to invest," said Howard Archer, chief European economist at IHS Global Insight.
Related: Factory output puts brakes on China's growth
Meanwhile, Asian markets had a mixed day after HSBC said Wednesday that its "flash" index of Chinese manufacturing purchasing managers' sentiment fell to an 11-month low in July. 
First Published: July 24, 2013: 9:41 AM ET
Source: http://rss.cnn.com/~r/rss/money_news_international/~3/n7aL_zbCIl8/index.html
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