The S&P 500 hovered around the flatline Thursday, while the Nasdaq added 0.2% and the Dow fell 171 points as traders balanced Middle East developments against a fresh batch of earnings.
Oil edged higher as Iran and Oman moved closer to a temporary deal to reopen the Strait of Hormuz, with an Iranian official saying shipping would face no fees or tolls under the arrangement.
AppLovin sank 19%, Western Digital lost 10% and Sandisk fell 5% after mixed results or weak guidance, reinforcing a market pause after a strong earnings-driven run.
JJ Kinahan of Cboe said investors appeared to be taking profits, noting that even better-than-expected results have struggled to lift shares when paired with soft outlooks.
The muted trade followed Wednesday's 0.17% S&P 500 decline that ended a four-day winning streak, leaving Wall Street near records but more sensitive to guidance and geopolitical details.