Earnings drag Wall St. lower even as oil steadies

Microsoft was the biggest drag on all three major indexes. The S&P 500 has staged a recovery from a steep selloff earlier this year and is inching toward its all-time high, helped also by a cautious Federal Reserve and companies beating tempered estimates. "Investors are looking for clarity on two major catalysts - earnings season and the Fed," said Adam Sarhan, chief executive of Sarhan Capital in New York.