Stocks fluctuated after a selloff driven by some of the world’s largest chipmakers, with traders wading through a raft of corporate results.

The S&P 500 was little changed after dropping almost 1% in the previous session. Nvidia Corp. added 1%, pacing gains in megacaps. Morgan Stanley climbed 4% as traders and bankers joined the rest of their Wall Street rivals in posting better-than-expected revenue, fueling a 32% profit jump for the third quarter. United Airlines Holdings Inc. rose 5% as earnings beat estimates.

“The stock market succumbed to some profit-taking off new highs, however, uptrends remain intact, so short-term pullbacks should be expected,” said Craig Johnson at Piper Sandler. “We view pullbacks within the current uptrend as buying opportunities.”

The S&P 500 hovered near 5,815. The yield on 10-year Treasuries declined two basis points to 4.01%.

Oil fluctuated near $74 a barrel after slumping on Tuesday, as traders continued to monitor the risk of escalation in the Middle East and the outlook for next year.