* Alphabet, Amazon, Microsoft due to report after the bell
* PayPal hits record high after raising forecast
* Oil prices drop more than 2 pct, drag energy shares
* Indexes up: Dow 0.02 pct, S&P 0.04 pct, Nasdaq up 0.32 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
April 27 The Nasdaq hit a record intraday high
on Thursday, powered by a spate of strong earnings from
technology companies, while the S&P 500 and the Dow were little
Earnings were back in the spotlight, a day after the Trump
administration unveiled a tax reform plan that proposed deep tax
cuts for businesses, but offered little detail about its
"The market is focused more on growth and earnings now than
what is coming out of the administration," said Ryan Caldwell,
chief investment officer at Chiron Investment Management.
"It is good to see they are looking at taxes, and it's good
to know they are aggressive, but the implementation looks more
like an end-of-the-year event."
The S&P 500 technology index rose 0.5 percent, led
by PayPal, which hit an all-time high after raising its
full-year earnings forecast.
Technology stocks will remain in focus, with sector
heavyweights Microsoft and Alphabet reporting
results after the bell on Thursday.
At 12:54 p.m. ET (1654 GMT), the Dow Jones Industrial
Average was up 3.64 points, or 0.02 percent, at
20,978.73, the S&P 500 was up 0.99 points, or 0.04
percent, at 2,388.44 and the Nasdaq Composite was up
19.00 points, or 0.32 percent, at 6,044.22.
Energy was the loser among the top 11 major S&P 500
sectors, falling 1.8 percent on the back of a more than 2
percent decline in oil prices.
Financials, which had risen for the past three days,
were down 0.84 percent.
"I think in financials, it's some profit-taking off a very
good run week-to-date after the French elections," Caldwell
Comcast rose 3 percent, making it the top stock on
the S&P. The company's profit beat analysts' estimates on strong
American Airlines dropped 7 percent after the
company said it had offered a mid-contract pay increase for
pilots and flight attendants.
The news pulled down shares of other U.S. carriers,
including Delta and United Continental.
Declining issues outnumbered advancers on the NYSE by 1,441
to 1,402. On the Nasdaq, 1,374 issues fell and 1,366 advanced.
The S&P 500 index showed 66 new 52-week highs and three new
lows, while the Nasdaq recorded 153 new highs and 31 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by