By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — The U.S. stock market is drifting on Wednesday following mixed profit reports from companies, as Macy’s sinks but Marvell Technologies climbs.

The S&P 500 edged down by 0.1% in early trading but remains within 1% of its all-time high set in late October. The Dow Jones Industrial Average was up 32 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.

Marvell rose 5.6% after the supplier of semiconductor products delivered a stronger profit for the latest quarter than analysts expected. CEO Matt Murphy credited strong demand for its data center products, while also announcing a $3.25 billion purchase of Celestial AI to bolster its artificial-intelligence infrastructure business.

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