Stocks opened with modest gains and have moved in a narrow trading range since the open. The Dow has been the strongest of the averages as investors digest the latest round of earnings reports, which will continue after the close today, headlined by Apple's (AAPL) report.

ECONOMIC NEWS: In the U.S., there were no major economic releases. In Europe, IHS Markit's manufacturing PMI for the Eurozone jumped to 56.7 in April from March's 56.2, reaching its highest level since April 2011. The Eurozone unemployment rate of 9.5% for March was unchanged from February's figure and compared with consensus expectations of a further small decline to 9.4% for the month.

COMPANY NEWS: Ford (F), Fiat Chrysler (FCAU) and General Motors (GM) announced a sharper decline in April U.S. sales than expected, suggesting that domestic vehicle demand have peaked following years of growth. Nissan (NSANY) and Toyota (TM) also missed views... Meanwhile, shares of AMD (AMD) have dropped almost 19% after the chip maker's second quarter guidance appears to have disappointed investors and at least a few Wall Street analysts... Two Dow components reported earnings this morning. While Pfizer (PFE) was 1% lower at midday after its first quarter revenue missed expectations, Merck (MRK) was fractionally higher following stronger than expected results for the quarter... Shares of Angie's List (ANGI) jumped over 60% after the company agreed to be acquired by IAC (IAC). The new publicly-traded company will be called ANGI Homeservices and the combined business will maintain both Angie's List and HomeAdvisor brands. IAC's stock also gained 15% following the deal news.

MAJOR MOVERS: Among the notable gainers was MasterCard (MA), which advanced 2% after the company's results topped expectations as more consumers purchased items using credit and debit cards. Also higher was Hilton Worldwide (HLT), which advanced 3% after beating consensus estimates for the first quarter. Additionally, Coach (COH) rose over 10% after the handbag maker reported better than expected profit, helped by its efforts to cut back on discounts and promotions in U.S. stores, and as M&A speculation continues. Among the noteworthy losers was CVS Health (CVS), which slid almost 3% as the drugstore chain's profit sank amid the loss of some big customers. Also lower was AMAG Pharmaceuticals (AMAG), which slipped about 8% following disappointing first quarter results. Additionally, Lumber Liquidators (LL) dropped almost 17% after the hardwood flooring retailer posted quarterly earnings that fell short of expectations.

INDEXES: Near midday, the Dow was up 39.76, or 0.19%, to 20,953.22, the Nasdaq was up 6.00, or 0.10%, to 6,097.60, and the S&P 500 was up 2.83, or 0.12%, to 2,391.16.