Wall Street's major market averages were mixed at midday Thursday as traders turned cautious amid corporate earnings reports.

US initial jobless claims rose to 223,000 in the employment survey week ended Jan. 18 from a 217,000 level in the previous week, compared with expectations for a smaller increase to 220,000 in a survey of analysts compiled by Bloomberg.

In equities, Electronic Arts (EA) shares fell more than 17% in recent Thursday trading after it said late Wednesday that it now expects fiscal Q3 net bookings of about $2.22 billion, lower than its previous outlook of $2.4 billion to $2.55 billion.

GE Aerospace (GE) reported higher Q4 adjusted earnings and total revenue and provided adjusted earnings guidance for 2025. The company also said it plans to buy back $7 billion worth of shares in 2025, subject to board approval, and to increase its dividend by 30%. GE Aerospace shares rose nearly 7%.

Union Pacific (UNP) reported higher Q4 earnings that also topped estimates. The company's shares were up 4.8%.

Elevance Health's (ELV) adjusted earnings for Q4 fell but were higher than market expectations, while its total revenue increased and also beat estimates. The company's shares rose more than 2%.

Freeport-McMoRan (FCX) reported lower Q4 revenue. Freeport-McMoRan shares were down 5.2%.

Price: 117.01, Change: -25.34, Percent Change: -17.80