Stocks were mixed on Wednesday as the Nasdaq Composite rose following better-than-expected results from the start of Big Tech earnings. The Dow Jones Industrial Average dropped over 200 points, while the S&P 500 fell about 0.4% and Nasdaq Composite rose nearly 0.5%.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -0.38% or -15.64 points to 4,055.99

Dow Jones Industrial Average (DIA  ): -0.68% or -228.96 points to 33,301.87

Nasdaq Composite Index (QQQ  ): +0.47% or +55.19 points to 11,854.35

Microsoft (MSFT  ) shares rose over 7% on Wednesday after the software giant reported strong earnings and revenue that topped analyst expectations as artificial intelligence pushed its revenue growth higher. Microsoft reported earnings of $2.45 per share on revenue of $52.86 billion.

"As with any significant platform shift, it starts with innovation, and we're excited about the early feedback and demand signals from the AI capabilities we've announced to date," said CFO Amy Hood during an earnings call with investors. "We will continue to invest in our cloud infrastructure, particularly AI-related spend, as we scale to the growing demand driven by customer transformation. And we expect the resulting revenue to grow over time."

However, Microsoft's potential acquisition of video game developer Activision Blizzard (ATVI  ) came under pressure on Wednesday as U.K. regulators blocked the deal over competition concerns.

Alphabet (GOOGL  ) also posted better-than-expected earnings of $1.17 per share on revenue of $69.79 billion. The company also reported a profit in its cloud business for the first time, generating $191 million in operating income on $7.45 billion in revenue.

CEO Sundar Pichai told investors on an earnings call that Google currently holds more than 90% of search market share, and he's "comfortable" that Google will continue to improve search and will be competitive in big deals in the wake of Microsoft's Bing AI integration.

Big Tech earnings will continue this week, with Meta Platforms reporting after closing bell on Wednesday, which Amazon (AMZN  ) reports on Thursday.

Elsewhere on the earnings front, Boeing (BA  ) reported mixed results, with an adjusted loss per share of $12.7 on revenues of $17.92 billion for the first-quarter. The Dow-member's results also showed strong aircraft demand, with Boeing planning to increase output of 737 Max planes to 38 a month from 31 later this year. The company expects to deliver between 400 and 450 737 planes this year.

PacWest Bancorp (PACW  ) reported earnings that topped estimates despite the regional banking crisis during its first-quarter. The bank said deposits fell more than 16% during the quarter to roughly $28.2 billion, but PacWest said it has added about $1.8 billion in deposits since late March.

With strong deposit growth and earnings from peers, First Republic Bank (FRC  ) shares have fallen over 70% since the San Francisco-based lender reported a roughly 40% drop to $104.5 billion in its first-quarter deposits. The stock is down more than 90% year-to-date as First Republic told investors it is reviewing strategic options to help reshape its balance sheet.

In economic news, demand for long-lasting goods like appliances, computers and other manufactured goods increased by a more-than-expected 3.2% in March with new orders at $276.4 billion, the Commerce Department reported Wednesday. The report signaled that the U.S. economy remains resiliente, as durable goods orders improved from February's downwardly revised decline of 1.2%.

Looking ahead, traders will react to more news on First Republic Bank as well as Meta Platforms earnings on Thursday.