NEW YORK (CNNMoney.com) - Rising oil prices and a disappointing earnings outlook from Adobe Systems were among the factors causing stocks to tread water Thursday morning.

The Nasdaq composite (down 2.63 to 2,300.72, Charts) was little changed in the early going, after having fallen at the open. The Dow Jones industrial average (down 6.56 to 11,310.87, Charts) and the broader Standard & Poor's 500 (down 1.52 to 1,303.52, Charts) index were both barely changed.

The Dow rose to its highest level in nearly five years Wednesday as part of a broad advance. The S&P 500 also stands near five-year highs. Following that advance, stocks were vulnerable Thursday, particularly amid the higher crude prices and mixed corporate news.

U.S. light crude oil for May delivery added 45 cents to $62.22 a barrel in electronic trading.

Among stock movers, Adobe Systems (down $0.82 to $35.80, Research) lost 2.5 percent after warning late Wednesday that its current-quarter earnings and revenue could miss forecasts. That overshadowed the company's otherwise strong fiscal first-quarter results.

Countering Adobe, and providing some strength for technology, was Yahoo! The Internet search engine was upgraded by UBS to "buy" from "neutral," due to a variety of positive near-term factors, Reuters reported. Yahoo! (up $0.99 to $31.74, Research) shares gained about 3 percent.

Investors also took in a report showing a bigger-than-expected decline in weekly jobless claims last week.

A report on February existing home sales was due at 10 a.m. ET.

Treasury prices were little changed, with the yield on the benchmark 10-year note at 4.70 percent.

COMEX gold for April delivery fell $5.10 to $546.60 an ounce.

In global trade, major Asian markets ended in mixed territory, and European markets were mixed at midday.

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