Declines in shares of Walt Disney and Boeing dragged down the Dow Jones Industrial Average.
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The two companies combined to shave roughly 42 points from the blue-chip index.
Overall, the Dow lost 32.67 points Wednesday, or 0.2%, to 20943.11. The S&P 500 edged up 2.71 points, or 0.1%, to 2399.63 and the Nasdaq Composite added 8.56 points or 0.1%, to 6129.14, with both reaching fresh highs.
Disney fell $2.41, or 2.2%, to $109.66, pressuring the consumer-discretionary sector, after the company late Tuesday reported a smaller-than-expected increase in revenue for its fiscal second quarter.
The sector faces another test Friday, when monthly retail sales data are due. Some analysts said it could also help clarify whether recent signs of cooling economic growth are temporary, as the Federal Reserve has suggested.
"I think the Fed's statement that first quarter weakness was transitory has been vindicated so far, but Friday we'll get a more definite look at that with the retail sales number," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management.
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Boeing shares lost $2.31, or 1.2%, to $183.18 after the aircraft maker said it had halted flight tests of its new 737 Max jetliner, citing engine issues. Boeing still expects the first delivery of the planes this month.
Energy shares in the S&P 500 rose 1.1% as oil prices surged. U.S. crude rose 3.2% to $47.33 a barrel in its biggest one-day gain since December after data showed U.S. crude stockpiles fell more than analysts expected last week.
Chevron climbed 1.42, or 1.4%, to 106.50.
U.S. government bonds prices edged lower, sending the yield on the benchmark 10-year Treasury note to 2.414% from 2.405% Tuesday. Government bonds had rallied overnight, after the unexpected firing of James Comey, the director of the Federal Bureau of Investigation.
The Stoxx Europe 600 rose 0.2%. Many investors are upbeat on European stocks. The corporate earnings season is on track for its strongest quarter in a decade, according to a recent report from Morgan Stanley.
South Korea's Kospi index fell 1% following the conclusion of presidential elections. Moon Jae-in's victory in those elections on Tuesday has prompted investor caution given his support for closer ties with North Korea.
The Shanghai Composite Index lost 0.9%. Japan's Nikkei Stock Average rose 0.3%, while Australia's S&P/ASX 200 reversed early losses to close 0.6% higher.
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(END) Dow Jones Newswires
May 10, 2017 18:04 ET (22:04 GMT)