US equity indexes were mixed after midday Wednesday as investors weighed geopolitical developments amid punitive import tariffs while housing starts slumped more than forecast.

The Nasdaq Composite was flat at 20,040.7, with the S&P 500 up slightly to 6,131.2 and the Dow Jones Industrial Average 0.3% lower at 44,437.5. The materials sector was the standout decliner intraday, while energy and healthcare led the gainers.

The US negotiations with Russia over Ukraine are starting to generate whispers of concern, Luke Templeman, a macro strategist at Deutsche Bank research, said in a note. Additionally, Trump's latest plan to impose 25% tariffs on auto, semiconductor, and pharmaceutical imports added concern such action could result in a global trade war.

In economic news, January housing starts fell by 9.8% from the previous month to a 1.366 million annual rate, below expectations compiled by Bloomberg for a 1.39 million rate after an upwardly revised increase to a 1.515 million pace in December. Building permit rates rose to 1.483 million in January, above the 1.46 million expected and the 1.482 million in December.

Later on Wednesday, the minutes are due from the Federal Reserve's January rate-setting meeting.

US Treasury yields were mixed, with the 10-year up less than one basis point to 4.55% while the two-year down less than one basis point to 4.29%. T

In company news, Devon Energy's (DVN) late Tuesday Q4 core earnings and revenue that beat the average analyst estimates compiled by FactSet. Shares surged 10% intraday, the top performer on the S&P 500.

Celanese (CE) also reported late Tuesday Q4 adjusted earnings and sales that declined from a year ago. Shares sank 20% intraday, the steepest decliner on the S&P 500.

Cadence Design Systems (CDNS) slumped 10% intraday, the worst performer on the Nasdaq after the company issued full-year earnings outlook below expectations.

West Texas Intermediate crude oil futures jumped 0.9% to $72.46 a barrel.