US benchmark stock indexes traded mixed after midday Wednesday, with technology at the top of sector charts and consumer staples at the bottom ahead of Nvidia's (NVDA) quarterly earnings.

The Nasdaq Composite jumped 0.9% to 19,207.2, with the S&P 500 up 0.5% to 5,986.5. The Dow Jones Industrial Average slipped less than 0.1% to 43,605.6. All three indexes were off their session highs. Energy and healthcare were among the trio of decliners intraday.

Nvidia will report after the bell, with investors seeking continued validation of the so-called artificial intelligence trade from their poster child. Shares of the chipmaker climbed 4.4% intraday, advancing the most in the Dow.

The so-called Magnificent-7 stocks -- of which Nvidia is one -- were in technical correction territory on Tuesday, having shed more than 10% since scaling their peak in December, according to a note from Deutsche Bank. "So that's heightening the focus on Nvidia's earnings."

Further, in company news, Super Micro Computer (SMCI) surged 18% intraday, the top performer on the S&P 500, after the company said it regained compliance with the Nasdaq's filing requirements. Loop Capital adjusted Super Micro's price target to $70 from $50 while maintaining its buy rating.

Axon Enterprise (AXON) reported Q4 non-GAAP earnings and net sales late Tuesday above average analyst estimates compiled by FactSet. Its shares jumped 17%, among the top gainers on the S&P 500 and the Nasdaq.

AppLovin (APP) sank 11% intraday, the steepest decliner on the Nasdaq, after short sellers Fuzzy Panda Research and Culper Research released two separate allegations about the company, which didn't immediately respond to a request for comment by MT Newswires.

Meanwhile, in economic news, US new-home sales fell to a 657,000 annual rate in January from an upwardly revised 734,000 rate in December, below the 680,000 rate expected in a survey compiled by Bloomberg. Home sales were down 1.1% from January 2024.

"Risks to new-home sales and residential investment more broadly are weighted to the downside this year because of high mortgage rates, the potential for tariffs on imported building materials from Canada and Mexico along with potential labor supply issues stemming from the Trump administration's immigration policies," Ryan Sweet, Chief US Economist at Oxford Economics, said in a note, adding the data are "volatile and subject to large revisions."

Mortgage applications fell by 1.2% in the week ended Feb. 21 as a more pessimistic view of the economy more than offset a drop in mortgage rates, according to Mortgage Bankers Association data released Wednesday. The drop follows a 6.6% slump in overall activity in the week ended Feb. 14.

US Treasury yields traded mixed intraday, with the two-year less than one basis point higher at 4.11%. The 10-year yield declined 1.9 basis points to 4.28%.

West Texas Intermediate crude oil futures slipped 0.3% to $68.73 a barrel.

Gold futures rose 0.3% to $2,927.52, and their silver counterparts advanced 1.4% to $32.56.