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Major U.S. equities indexes turned higher on Wednesday as investors digested retailer earnings and minutes of the Federal Reserve's most recent policy meeting .

The S&P 500 ended the mid-week trading session with a gain of 0.4%, while the Nasdaq was up 0.6%. Underperformance from American Express ( AXP ) stock weighed on the Dow, which was essentially flat on the day.

Keysight Technologies ( KEYS ) shares skyrocketed 13.9%, marking the top daily performance in the S&P 500 . The company posted better-than-expected results for its fiscal third quarter Tuesday. Although revenue was down slightly from a year ago, Keysight reported a year-over-year increase in orders, suggesting its business remains resilient even as customers in various end markets navigate macroeconomic headwinds.

Retail giant Target ( TGT ) also topped analysts' forecasts with its second-quarter revenue and earnings per share (EPS) results. Its shares soared 11.2%. After declining in the previous quarter, comparable store sales returned to year-over-year growth during the period, reflecting an increase in store traffic and gains in digital sales versus a year ago. Following the strong quarter, Target boosted its full-year profit guidance.

Target was not the only retailer to see its stock price increase on Wednesday. Shares of TJX Companies ( TJX ) jumped 6.1%, reaching an all-time high , as the operator of TJ Maxx, HomeGoods, and Marshall's beat quarterly sales and profit expectations. Consumers seeking value and discount options helped the company achieve comparable store sales growth during the quarter, with traffic rising across brands. TJX also announced an investment in Brands for Less, a discount retailer with a presence in the Middle East, as it aims to expand its international footprint.

Shares of investment manager Franklin Resources ( BEN ) plunged 12.6%, the steepest drop of any stock in the S&P 500 on Wednesday. The losses came after the firm announced that Ken Leech, co-chief investment officer (CIO) of its Western Asset Management Unit, took a leave of absence after he received a Wells Notice from the Securities and Exchange Commission (SEC) . In a regulatory filing last month, Franklin said it was conducting an internal investigation into certain trading activity in the unit's managed accounts.

American Express shares dropped 2.6% after Bank of America downgraded the credit card issuer's stock to "neutral" from "buy." Analysts questioned Amex's future growth potential, pointing to an uncertain outlook for consumer spending, even among the company's higher-end clients.

Shares of medical device maker Cooper Companies ( COO ) slipped 2.3%. Wednesday's downturn marked a reversal from gains posted earlier in the week amid positive commentary from analysts at Piper Sandler, who highlighted strong growth trends in the contact lens business. Cooper is scheduled to release its next quarterly earnings report on Aug. 28.

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