The S&P 500 was increasing due to Bank of America and Johnson & Johnson reporting results that were higher than anticipated.

The S&P 500 was up 0.4%, the NASDAQ Composite was up 0.6% as of 9:42 ET (13:42 GMT), and the Dow Jones Industrial Average was down 41 points or 0.1%.

Johnson & Johnson (NYSE:JNJ) fell 2.4% after it raised its profit outlook for this year, citing newer cancer treatments that will help offset declining sales of its older portfolio of treatments. Bank of America Corp (NYSE:BAC) shares increased 0.1% after reporting profit boosted by rising interest rates.

Shares of Goldman Sachs Group Inc (NYSE:GS) declined by 2.8% after the company missed revenue projections due to a $470 million loss on the selling of loans in its Marcus consumer subsidiary.

Even though it is still early in the first quarter reporting season, analysts have become more upbeat. In the quarter from a year ago, profit at S&P 500 businesses is anticipated to decline 4.8%, as opposed to earlier predictions for a 5.2% decline.

Analysts have been considering the Fed’s upcoming action on interest rates in addition to earnings. According to mixed economic statistics, the Federal Reserve is expected to hike rates by another quarter point at its next meeting in May. Fed Governor Michelle Bowman, slated to speak later today, might provide hints about the policymakers’ thinking.

Housing starts in March fell 0.8% from the prior month, missing the expected rise of 0.4%.

Oil prices dropped. While Brent Oil petroleum decreased by 0.4% to $84.41 per barrel, WTI crude oil fell by 0.3% to $80.58 per barrel. To $2,08, gold futures increased by 0.1%.