Overall, profits of S&P 500 companies are estimated to have risen 10.8 percent in the quarter - the best since 2011.
The Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,338.
The Dow is down 48.76 points, or 0.2 percent.
However, NASDAQ closed at 5,863.03 up 0.2% or 13.56 points.
"Crude broke $52 on WTI, that is the strongest correlation we have right now away from the case-by-case earnings we have", said Art Hogan, chief market strategist at Wunderlich Securities in NY.
Benchmark 10-year notes US10YT=RR dropped 8/32 in price to yield 2.21 percent.
US indexes are mostly higher in midday trading, led by gains in retailers and health care stocks.
USA futures prices are pointing to a modest rise at the bell, with the Dow set to gain 7 points and the S&P expected to advance by around 1.9 points.
The oil losses hurt shares of US energy companies, pushing the S&P 500 energy index .SPNY down 1.4 percent and causing the benchmark S&P 500 .SPX index to reverse earlier gains.
Earnings are the main focus in the US, with Dow components Verizon and Travelers both -2% after disappointing earnings reports, while American Express +3.8% after reporting better than expected earnings and revenues.
The Nasdaq is up 57.88 points, or 1 percent.
Bond prices fell. The yield on the 10-year Treasury rose to 2.22 percent.
IBM (IBM.N) sank 4.9 percent to $161.69 after the company reported a bigger-than-expected decline in revenue for the first time in five quarters. Higher yields allow banks to charge higher interest rates on loans.
The market performance since US President Donald Trump took office on 20 January has been reasonably good, with the Dow climbing 3.41% and the S&P 500 gaining around 3.29% since the inauguration, Market Watch reports.
Overall, the Dow Jones was down 18.5 points or 0.09% at 20,504.78.
The Nasdaq is up 479.92 points, or 8.9 percent.