The Dow Jones Industrial Average was up 249.59 points, or 0.71 percent, to 35,160.79. The S&P 500 fell 2.76 points, or 0.06 percent, to 4,459.45. The Nasdaq Composite Index was down 166.59 points, or 1.22 percent, to 13,453.07.
Eight of the 11 primary S&P 500 sectors ended in green, with real estate up 1.85 percent, outpacing the rest. Communication services tumbled 4.07 percent, the worst-performing group.
Shares of Netflix plunged more than 35 percent after the streaming giant reported Tuesday that it lost subscribers for the first time in more than a decade.
Shares of other streaming companies such as Disney, Roku and Warner Bros. Discovery all closed noticeably lower, following Netflix's slump.
Shares of Procter & Gamble gained 2.66 percent after it delivered better-than-anticipated results.
IBM shares jumped 7.1 percent after the company reported stronger-than-expected first-quarter results.
Roughly 12 percent of S&P 500 companies have reported first-quarter earnings thus far, with 80 percent of those names beating analyst expectations, according to CNBC, citing statistics from financial data firm FactSet.