NEW YORK — The U.S. stock market is drifting near its record levels on Wednesday following mixed reactions to profit reports from Macy’s, Marvell Technologies and other companies.

The S&P 500 edged down by 0.1% in morning trading but remains within 1% of its all-time high set in late October. The Dow Jones Industrial Average was up 85 points, or 0.2%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.3% lower.

Marvell rose 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.

American Eagle Outfitters was another w

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