US stocks trade mixed as investors watch start of corporate earnings season

• US stocks opened mixed Wednesday as earnings season kicked off.
• Stock picker Cathie Wood said Ark Invest has been shedding Twitter stock since Jack Dorsey left the company.

US stocks fell Wednesday as investors digest the start of first-quarter earnings season.

Since inflation came in at "only" 8.5% Tuesday, stocks have found some room to recover, an analyst said. Core inflation was slightly lower than anticipated, causing markets to rise early in Tuesday's session, though the headline number erased gains as the day went on.

Shares of JPMorgan dropped 3% as the Wall Street giant reported profits fell sharply compared to a year ago. CEO and Chairman Jamie Dimon said he anticipates "significant geopolitical and economic challenges ahead."

In Russia, Vladimir Putin vowed to continue Russia's war against Ukraine, sending oil prices higher.

Here's where US indexes stood as the market opened 9:30 a.m. on Wednesday:

• S&P 500: 4,396.07, down 0.03%

• Dow Jones Industrial Average: 34,191.41, down 0.08% (25.91 points)

• Nasdaq Composite: 13,363.77, down 0.06%

Stock picker Cathie Wood said that Ark Invest has been cutting its exposure to Twitter since Jack Dorsey departed as CEO, given that the move creates uncertainty for the social media platform.

"Bond King" Jeff Gundlach, for his part, said he sees a potential calamity coming for markets in 2023, and that the Fed is far behind the curve on battling inflation.

Separately, a Belarus-linked crypto exchange, Currency.com, said it's stopped trading for Russian clients over the war in Ukraine.

Sri Lanka will default on its foreign debt as costs of food and imports spiral, and as rising costs of fuel hammers the nation's economy, its central bank governor announced.

Oil climbed, with West Texas Intermediate up 1.22% to $101.83 a barrel. Brent crude, the international benchmark, rose 1.52% to $106.15 a barrel.

Gold edged up 0.27% to 1,981.50 per ounce. The 10-year yield slipped 0.01% to 2.71%6.

Bitcoin inched higher by 0.546 to $39,668.