It's the thick of earnings season and investors aren't willing to place any big bets just yet.
U.S. stock futures were flat early Wednesday, as investors pore through the latest round of corporate results.
McDonald's reported better-than-expected quarterly earnings and revenue growth, but warned that same-store sales could fall in January.
Shares of US Airways rose after the company reported record profits in the fourth quarter, topping analysts' expectations. Motorola Solutions also posted earnings and sales numbers that beat expectations.
After the market closes, Netflix andApple are scheduled to report quarterly results.
Apple has been under pressure recently amid concerns about waning iPhone sales. Expectations for earnings vary widely, but many forecasters expect Apple to report a drop in profit for the first time in 9 years.
Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P's Capital IQ.
Investors were encouraged by tech earnings released late Tuesday. Shares of IBM jumped 4% in premarket trading. The company beat fourth-quarter earnings and sales forecasts, and raised its outlook for the year
Google shares spiked 5% in premarket trading, one day after the company reported earnings and revenue that exceeded forecasts.
But luxury retailer Coach disappointed investors. Revenue missed forecasts and Coach said holiday sales were "challenging." Shares fell more than 10% in early trading.
Investors are also keeping an eye on the World Economic Forum in Davos, Switzerland, where business and political leaders have gathered to discuss economic issues. JPMorgan Chase Chief Executive Jamie Dimon, who attended the event Wednesday, apologized again to shareholders for trading losses the bank suffered on credit derivatives last year, although he said "life goes on."
U.S. stocks finished higher Tuesday, with the Dow and the S&P 500 ticking up to fresh 5-year highs
European markets were mixed in morning trading, while Asian markets ended mostly flat, with the exception of the Nikkei, which slumped 2%.