Most US stocks rose on Wednesday (US time), but indexes petered out to a mixed finish as momentum weakened following an encouraging start to what’s expected to be a thunderous earnings reporting season.

The S&P 500 fell 16.93 points, or 0.4 per cent, to 4,124.66, a day after returning to an all-time high. It flipped between small gains and losses several times through the day. The Dow Jones Industrial Average rose 53.62 points, or 0.2 per cent, to 33,730.89 after rising above its record set last week earlier in the day. The Nasdaq composite lost an early gain to drop 138.26, or 1 per cent, to 13,857.84.

The Australian sharemarket is poised to drop this morning, with futures at 6.59am AEST pointing to a fall of 38 points, or 0.5 per cent, at the open.

The market was held back by drops for several heavyweight tech stocks, including Apple and Amazon, but the majority of stocks within the S&P 500 rose. Smaller companies also rallied amid growing optimism as COVID-19 vaccines roll out and businesses reopen. The Russell 2000 index of small-cap stocks climbed 18.79, or 0.8 per cent, to 2,247.72.

Shares of Coinbase Global, an exchange for bitcoin and other digital currencies, surged in their market debut, perhaps a defining moment for cryptocurrencies as they get embraced more by the mainstream.

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Its stock opened at $US381, after the Nasdaq earlier gave it a $US250 reference price. It quickly rallied toward $US430 before closing at $US328.28. At that price, investors say the company is worth more than $US85 billion, more valuable than Nasdaq or Intercontinental Exchange, the owner of the New York Stock Exchange.

Interest in and prices for cryptocurrencies have been exploding recently as more companies and investors get involved. Coinbase turned a profit last year after more than reversing a $US30.4 million loss from the year before, and it expects growth to continue because it sees the cryptoeconomy producing “a more fair, accessible, efficient, and transparent financial system for the internet age.”

Energy stocks were also among the market’s strongest on expectations that a resurgent economy will burn more petroleum products. The International Energy Agency raised its forecast for oil demand this year, up by 230,000 barrels per day to 96.7 million. A separate US government report also showed that the amount of oil supplies in inventories fell sharply last week.