US stocks trade mixed as investors assess Bank of England bond-market move and eye weaker Apple demand

• US stocks were mixed Wednesday, with the S&P 500 on course for its first win after six losses.
• Apple shares fell following a report it's shelving plans to hike iPhone 14 production.

US stocks traded mixed Wednesday, with Apple lower on demand concerns while the Bank of England worked to stem a brewing financial crisis by saying it would step into the bond market.

The S&P 500 was on course for its first gain in seven sessions. Investors were also set to watch for comments about monetary policy from Federal Reserve Chairman Jerome Powell in St. Louis on Wednesday.

Ahead of that, Apple shares were under pressure after Bloomberg reported the company nixed plans to increase production of its new iPhone 14 this year because an anticipated demand surge hasn't taken place. The stock also weighed on the Nasdaq Composite, which has sunk into a bear market this year.

Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:

• S&P 500: 3,651.06, up 0.10%
• Dow Jones Industrial Average: 29,190.67, up 0.19% (55.68 points)
• Nasdaq Composite: 10,808.07, down 0.20%

Stock futures mostly turned higher after the Bank of England said it would purchase long-dated UK government bonds "on whatever scale is necessary" to calm the markets after the government's plans for major tax cuts pushed borrowing costs higher and the pound to a record low against the dollar this week.

Here's what else is happening today:

• European gas prices jumped after Gazprom warned it could cut its last flows into Europe.
• Billionaire investor Ray Dalio said the UK government should have known their policies would cause panic in the markets.
• The British pound fell again after the IMF's stinging attack on the UK's $48 billion tax-cutting plan.

In commodities, bonds, and crypto:

• West Texas Intermediate crude advanced 1.5% to $79.68 per barrel. Brent crude, the international benchmark, rose 1.2% to $87.27.
• Gold rose 0.5% to $1,643.80 per ounce.
• The 10-year Treasury yield fell 8 basis points to 3.86%.
• Bitcoin slipped 0.1% to $19,042.27.