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.

American Eagle Outfitters rallied 14.5% after the retailer reported a better profit than expected. Its CEO, Jay Schottenstein, said it also saw a strong start to the holiday shopping season with an acceleration in demand across its brands during the Thanksgiving weekend.

On the losing end of Wall Street was Macy’s, which fell 1.4% even though it reported a profit for the latest quarter that was much better than the loss that analysts were expecting. Its stock may have been feeling the pressure of high expectations after it came into the day with a rally of 34.1% for the year so far, more than double the S&P 500’s rise.

CrowdStrike sank 2.4% despite topping analysts’ expectations for profit. It too came into the day with a big gain for the year so far, raising the stakes, at 51%.

When stock prices are seen as too expensive, companies either need to produce bigger profits of see their prices fall or both.

Outside of earnings reports, Capricor Therapeutics surged 488% after the biotech company reported encouraging results from a study of its potential therapy for people with Duchenne muscular dystrophy.

In the bond market, Treasury yields fell after a report suggested U.S. employers outside of the government may have cut more jobs in November than they added.

The data from ADP was much weaker than economists expected, but it historically has not had a perfect track record predicting what the more comprehensive monthly jobs report from the U.S. government will say.

Wednesday’s data may be discouraging for people looking for jobs, but it also keeps alive expectations that the Federal Reserve will cut its main interest rate next week. If it does, that would be the third such cut this year for the Fed in hopes of bolstering the slowing job market.

The yield on the 10-year Treasury sank to 4.06% from 4.09% late Tuesday.

Easing bond yields can boost prices for all kinds of investments, and bitcoin climbed again to top $92,000 following its scary downward run in recent weeks. It briefly plunged below $81,000 last month.

In stock markets abroad, indexes were close to flat in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 jumped 1.1% on gains for technology stocks like Tokyo Electron, which jumped 4.7%. SoftBank Group Corp. leaped 6.4% following reports that its founder, Masayoshi Son, regretted having to sell shares in computer chipmaker Nvidia to help pay for other investments.

Chinese indexes sank following the release of data showing weaker factory activity. Stocks fell 1.3% in Hong Kong and 0.5% in Shanghai.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.