DVN Devon Energy Corp

By Akane Otani and Mike Bird 

Gains in Boeing's shares helped offset Apple's losses in the Dow Jones Industrial Average during choppy trading Wednesday.

Corporate earnings have driven some of the largest moves in stocks over the past week. More than a third of S&P 500 companies have reported quarterly results, according to FactSet, with energy, industrial and technology companies posting the weakest earnings growth so far.

Apple, which posted its first annual revenue decline in 15 years on Tuesday, was the biggest loser in the Dow industrials on Wednesday, falling 2.6%. The company is the biggest drag on the S&P 500 tech sector's third-quarter earnings growth from a year earlier, according to FactSet analyst John Butters.

The Dow industrials got a lift from Boeing, which rose 5% after the aircraft maker raised its full-year guidance. The blue-chip index recovered from earlier losses to rise 45 points, or 0.3%.

"Earnings growth is going to be really, really key for continued growth in the market, even though we've muddled along without that for a while, " said Karyn Cavanaugh, senior market strategist at Voya Investment Management.

The Nasdaq Composite fell 0.6% and the S&P 500 edged down 0.1%.

Shares of Chipotle Mexican Grill fell 9.1% after it reported steep drops in sales and profit, showing that the burrito chain is still recovering from last year's E. coli outbreak that scared customers away.

Despite announcing earnings above expectations, shares of Southwest Airlines fell 8.6% as investors appeared to focus more on the air carrier's negative outlook.

Among the day's top performers were cloud-services firm Akamai Technologies, up 15%, and Juniper Networks, up 10%. Investors rewarded both companies after they reported upbeat earnings after the market closed Tuesday.

U.S. crude pared losses after an Energy Information Administration report showed storage levels fell by 553,000 barrels last week. The latest inventory data came as a surprise as analysts had been expecting around a two million barrel increase. Oil prices declined 1.6% to $49.18 a barrel.

Bond yields in developed markets pushed higher. The yield on the 10-year Treasury note was at 1.79%, according to Tradeweb, compared with 1.758% Tuesday. German 10-year yields rose to 0.09%, from around 0.02% on Tuesday.

Elsewhere around the globe, stocks mostly fell.

The Stoxx Europe 600 index pulled back 0.4% and the U.K.'s FTSE 100 index dropped 0.8%. The British pound bounced back against the dollar, rising 0.4% to $1.2231 after falling Tuesday.

"With the terms and conditions of the U.K.'s future trade links still unclear it is too early to rule out further downside risks in sterling," said Geoffrey Yu, head of UBS Wealth Management's U.K. investment office. Mr. Yu said he believes sterling could fall to as low as $1.10 temporarily over the next year.

Asian stocks closed broadly lower, with Hong Kong's Hang Seng down 1%. Japanese equities bucked the trend, with the Nikkei Stock Average closing up 0.2%.

Write to Akane Otani at akane.otani@wsj.com and Mike Bird at Mike.Bird@wsj.com

(END) Dow Jones Newswires

October 26, 2016 15:48 ET (19:48 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.