Stocks were little changed as traders weighed another round of corporate earnings and kept an eye out for clues about the Federal Reserve's next policy moves. Bond yields have risen.

The S&P 500 reversed a two-day gain. The Cboe Volatility Index fell to around 16 for the first time since November 2021. Tesla fell in late trading after its first-quarter profit fell short of expectations.

Morgan Stanley rose after its investment bank and massive wealth unit outperformed expectations despite falling profits. Western Alliance Bancorp rose after exceeding earnings expectations and reporting that deposits had recovered.

According to the Fed's Beige Book survey, the US economy has stalled in recent weeks, with hiring and inflation slowing and credit availability narrowing. That's a change from the previous report, which was released in early March, just before Silicon Valley Bank's failure, and showed an economy that remained resilient despite growing concerns about the rest of the year.

Treasury two-year rates, which are more sensitive to upcoming policy moves, have risen above 4.2%. The value of the dollar increased. Bitcoin has fallen below $30,000.