Stocks edged higher amid mixed corporate earnings and as traders parsed the latest data for clues on the outlook for inflation, economic growth and the Federal Reserve’s policy path.

The S&P 500 swung between small gains and losses throughout the session. Treasury two-year yields, which are more sensitive to imminent Fed decisions, rose to around 4.2 per cent. The dollar was steady.

U.S. business activity unexpectedly climbed to nearly a one-year high, risking more inflation. The S&P Global flash April composite purchasing managers index rose 1.2 points to 53.5 - the highest since May.

“If economic conditions hold up, the Fed may be emboldened to tighten policy more than current market expectations – a headwind to equities in our view,” wrote Mike Gibbs, managing director of equity portfolio and technical strategy at Raymond James. “If economic conditions deteriorate, we do believe the Fed will ease monetary policy – but economic volatility is also likely to correspond with market volatility.”

All that results in a range-bound view on equities for now, Gibbs added.

Corporate highlights:

• Tesla Inc. increased prices of its Model S and X vehicles in the U.S. after steep markdowns early this year took a toll on profitability and the carmaker’s shares.
• Regions Financial Corp. reported a drop in total deposits for the first quarter to US$129.04 billion.
• Procter & Gamble Co. raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products.
• SLB, the world’s biggest oil-services provider, posted its best first-quarter profit in eight years.
• Freeport-McMoRan Inc. churned out more copper than expected in the first quarter in a boost to tight global supplies, although the top publicly traded supplier trimmed annual sales guidance.

“We are at the beginning of earnings season, and the beginnings of the past four earnings seasons have coincided with strong stock market performance,” wrote Carol Schleif, chief investment officer at BMO Family Office. “We are not convinced that trend will continue. We expect stocks to remain in a tight trading range for some time.”

Some of the main moves in markets:

Stocks

• The S&P 500 was little changed as of 4 p.m. New York time
• The Nasdaq 100 rose 0.1 per cent
• The Dow Jones Industrial Average was little changed
• The MSCI World index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro rose 0.2 per cent to US$1.0990
• The British pound was little changed at US$1.2444
• The Japanese yen rose 0.1 per cent to 134.08 per dollar

Cryptocurrencies

• Bitcoin fell 3.3 per cent to US$27,270.58
• Ether fell 4.9 per cent to US$1,842.26

Bonds

• The yield on 10-year Treasuries advanced four basis points to 3.57 per cent
• Germany’s 10-year yield advanced four basis points to 2.48 per cent
• Britain’s 10-year yield declined one basis point to 3.76 per cent

Commodities

• West Texas Intermediate crude rose 0.5 per cent to US$77.76 a barrel
• Gold futures fell 1.3 per cent to US$1,993.20 an ounce