By Dan Strumpf And Saumya Vaishampayan 

U.S. stocks wobbled between gains and losses Thursday, as investors pored through the first batch of first-quarter earnings reports.

The Dow Jones Industrial Average gained five points to 17908. The S&P 500 rose three points, or 0.1%, to 2085, and the Nasdaq Composite Index climbed five points, or 0.1%, to 4956.

Trading activity was muted, with investors awaiting additional quarterly updates expected in the coming weeks. Money managers are widely bracing for what is expected to be one of the weakest earnings seasons in years.

"The market is definitely lacking catalysts right now," said Tom Carter, managing director at JonesTrading. "That's going to change...but it's early."

The Dow last saw a move of 1% on March 31. On Wednesday, stocks rose modestly. The Dow added 0.2% and the S&P 500 gained 0.3%.

"The market is exceptionally quiet right now," said Alex Manzara, vice president at futures brokerage R.J. O'Brien & Associates. "We're essentially marking time," he added.

Alcoa Inc. unofficially kicked off the first-quarter reporting season Wednesday after the closing bell. Alcoa shares fell 3.4% as the aluminum company swung to a profit but its revenue missed analysts' expectations.

Bed Bath & Beyond Inc. shares lost 6.1% after the retailer reported a 4% decline in quarterly profit and projected earnings below Wall Street estimates. The company posted the biggest loss in the S&P 500, with Alcoa the No. 2 decliner.

Shares of Constellation Brands Inc. rose 0.8% after the alcoholic-beverage maker reported its first quarterly dividend since 1973 and reported an increase in profits.

Economic reports have indicated a slowdown in the U.S. economy at the start of the year. Now, investors are waiting to see how companies fared in the first quarter. Including 23 companies that have reported, earnings at S&P 500 companies are expected to fall 4.9% in the first quarter from a year ago.

Earnings at energy companies are under heavy pressure, expected to slump 65% from a year earlier, as low oil prices weigh on results. The strong dollar is another headwind for multinational companies with significant operations overseas.

Energy stocks pulled ahead Thursday, mirroring a rebound in oil prices. S&P 500 energy companies gained 1.1%.

"You're in this purgatory period of pre-earnings," said Mark Spellman, portfolio manager of the $81 million Alpine Equity Income Fund. "The market is so concentrated on what the Fed says, but now we're in a quietish period for Fed news...There's going to be a lot of stock-specific stuff when it comes to earnings."

Federal Reserve officials were divided at their March policy meeting on whether they might raise interest rates in June, according to minutes from that meeting released on Wednesday. Recent soft economic data, including a weak March jobs report, could make a midyear rate increase even less likely.

The Labor Department said Thursday jobless claims rose by 14,000 to 281,000 in the week ended April 4. Economists surveyed by The Wall Street Journal expected 280,000 new claims.

Overseas, the Stoxx Europe 600 index gained 1.1%, closing at an all-time high, its first in 15 years. Germany's DAX added 1.1%, notching its second-highest close on record. France's CAC 40 gained 1.4%, but remains 25% below its 2000 record.

The euro inched down to $1.0770 from $1.0782 on Wednesday.

The yield on the 10-year Treasury note fell to 1.909% from 1.895% on Wednesday. Yields fall as prices rise.

Walgreens Boots Alliance Inc. said it would close 200 domestic stores as it continues to restructure. The company reported a 35.5% increase in sales in its February quarter amid a severe cold season. Shares added 2.6%.

Oil prices rebounded from their biggest loss in two months. Crude-oil futures rose 1.7% to $51.22 a barrel.

In commodity markets, gold futures shed 0.3% to $1199.30 an ounce.

Write to Dan Strumpf at daniel.strumpf@wsj.com and Saumya Vaishampayan at saumya.vaishampayan@wsj.com

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