Industrials (-1.2%) was easily the weakest sector on the day, as investors anxious that "a mistake in trade policy could be as big as a mistake in monetary policy", according to Art Hogan, chief market strategist at B. Riley FBR.
Shares of companies such as Boeing Co (BA.N), down 2.9 percent, and Caterpillar Inc (CAT.N), down 2.4 percent, have been under pressure as Trump's protectionist stance on steel and aluminium imports could increase costs and hamper sales overseas.
Retailers including Amazon and Starbucks also made headway.
The S&P 500 declined 0.6 percent with tech falling 1.2 percent.
At 9:35 a.m. ET, the Dow Jones Industrial Average was up 0.23 percent at 25,394.24. 300,994 shares of the stock were exchanged, compared to its average volume of 294,720.
US market indexes were mostly lower Wednesday.
A number of other institutional investors also recently modified their holdings of the stock. Bank of New York Mellon gave back 1.3 percent and Nvidia, a chipmaker, rose 2.5 percent.
The advances followed a near 2 percent gain for the main indexes on Friday after data showed sluggish wage growth in February, easing concerns about the Federal Reserve moving too fast on interest rate hikes.
Indexes started higher on Tuesday and bond yields fell as traders were encouraged to see that inflation remained muted last month.
Stocks are mostly higher on Wall Street after an early gain mostly faded by midday.
Shares of Micron Technology (MU.O) rose 8.8 percent to $59.37 after analysts at Nomura raised their target for the stock to $100.
Johnson Controls was up 1.6 percent after saying it would consider selling a business that makes batteries for vehicles.
The S&P 500 rose 7 points, or 0.3 percent, to 2,793.
The Dow Jones industrial average climbed 116 points, or 0.5 percent, to 25,294. The Nasdaq composite gained 26 points, or 0.4 percent, to 7,588, another record high.