The broad-based S&P 500 rose 13 points to 4,559, or 0.3%, while the tech-heavy Nasdaq rose 85 points to 14,431, or 0.6%, in early trading.
Shares of Alphabet, Google’s parent company, rose more than 7% after the company reported soaring profits late Tuesday and its first stock split since 2014.
Investors are trying to figure out how the economy and corporate profits will be affected by upcoming Federal Reserve rate hikes, intended to cool inflation that has surged to a four-decade high.
Fed officials said in mid-December that plans to wind down bond purchases and other stimulus that are boosting prices would be accelerated to cool inflation.