Stocks were mixed Wednesday as the broader market rally took a pause. The S&P 500 and Nasdaq Composite closed lower, while the Dow Jones Industrial Average climbed over 90 points.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  2.07%): -0.38% or -16.33 points to 4,267.52

Dow Jones Industrial Average (DIA  1.61%): +0.27% or +91.74 points to 33,665.02

Nasdaq Composite Index (QQQ  2.42%): -1.29% or -171.52 points to 13,104.90

One of the top drivers of market moves on Monday was data on the U.S. trade deficit for April, which continued to increase to reach $74.6 billion. Meanwhile, exports fell by $9.2 billion and imports rose by $4.8 billion.

Coinbase (COIN  3.17%) also remained in-focus on Wednesday following charges from the U.S. Securities and Exchange Commission (SEC) on Tuesday. Shares of the cryptocurrency exchange fell 12% after the regulator alleged it was operating as an unregistered exchange and broker.

Ark Invest's Cathie Wood added Coinbase to multiple exchange-traded funds amid the sell-off. Wood added nearly 330,000 shares to her flagship Ark Innovation ETF (ARKK  4.11%), roughly 54,000 shares to the Ark Next Generation Internet ETF (ARKW  4.58%) and about 35,700 shares to Ark Fintech Innovation ETF (ARKF  4.00%) -- all these purchases combined are more than $21.6 million.

On the analyst front, JPMorgan Chase's Doug Anmuth raised the firm's price target on Netflix (NFLX  3.13%) on Wednesday, believing that the streaming giant's password sharing policy could increase revenue growth.

Bank of America analyst Vivek Arya reiterated the firm's Buy rating on Broadcom (AVGO  2.18%) on Wednesday following a keynote address from CEO Hock Tan. Arya says Broadcom continues to be a "best-in-class" buying opportunity as AI helps boost the company's earnings.

"Management presented a compelling and unique vision of focus on premium compute/networking products, laserfocus on operational efficiency, consistent GM expansion, and best-in-class FCF generation/return (FCF margins of 50%+ the highest in semiconductor industry," Arya wrote in a Wednesday note.

In single-stock news, Stitch Fix (SFIX  2.96%) rose nearly 28% on Wednesday after reporting a smaller-than-expected loss in its recent earnings report. The company also said it is exploring exiting the U.K. market in the 2024 fiscal year. Dave & Buster's (PLAY  -0.17%) shares popped 18% after the company posted better-than-expected revenues in the first quarter.

Affirm (AFRM  6.78%) shares rose after the buy now, pay later company was added as a checkout option on Amazon (AMZN  2.09%). The company allows shoppers to buy products in installment loans.

Looking ahead, markets will remain cautious ahead of May's Consumer Price Index reading due out next Tuesday.