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Stocks were mixed Wednesday morning as stellar earnings from Amazon.com and Google gave the Nasdaq a boost, but had no impact on the Dow.

Futures on the Dow Jones Industrial Average were off 2 points, while S&P 500 futures had risen 0.3%, and Nasdaq Composite futures had gained 0.7%.

Big moves in big tech stocks were supporting the market-cap-weighted S&P 500. Amazon.com (AMZN) rose 3% after it smashed quarterly earnings expectations. The company said it earned $14.09 per share, against estimates of $7.23 on revenue of $125.5 billion, versus a forecast of $119.7 billion. Google parent Alphabet (GOOGL) rose 8% after the company beat estimates. The company earned $22.30 per share, better than the expected $15.90, while revenue was $56.9 billion, against a forecast of $53.1 billion.

Big Tech wasnt the only thing moving on Wednesday morning. Nvidia (NVDA), for instance, rose 0.5% after New Street Research upgraded the stock to Neutral from Sell.

Kohls (KSS) rose 1.5% after Cowen upgraded the stock to Outperform from Market Perform.

Beyond Meat fell 2% after D.A. Davidson downgraded the stock to Underperform from Neutral.

Hyliion Holdings (HYLN) has dropped 6.7% after getting cut to Sell from Neutral at Goldman Sachs.

Alibaba Group Holding (BABA) has risen 3.9% after Ant Financial reached a deal with Chinese regulators.

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com

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Alibaba Stock Jumps, Hyliion Slumps, and the Stock Market Loves Big Tech Earnings - Barron's