The S&P 500 looked set to churn around its 200-day moving average for a second day in a light-volume session as stocks opened little changed on Wednesday.

The Dow Jones industrial average <.DJI> gained 5.83 points, or 0.05 percent, to 12,297.18. The Standard & Poor's 500 Index <.SPX> gained 0.41 points, or 0.03 percent, to 1,265.84. The Nasdaq Composite Index <.IXIC> dropped 0.29 points, or 0.01 percent, to 2,624.9.

(Reporting Edward Krudy; editing by Jeffrey Benkoe)