Midday Report: Discovery, Scripps in Deal Talks; S&P 500, Nasdaq at Record Highs

Summary: The S&P 500 and Nasdaq traded above record closes set a day earlier. Media stocks led the indexes on reports of deal talks between Discovery Communications and Scripps Networks . Dow component IBM limited gains on the blue-chip index. Shares declined after the company posted its 21st straight quarter of year-on-year sales declines. Revenue fell short of analysts' estimates. Crude oil moved higher after a sharper decline in U.S. inventories than anticipated. Domestic crude stockpiles fell by 4.7 million barrels in the past week. Gasoline and distillates stockpiles also declined. Snap traded around $15 a share after settling below that level for the first time ever on Tuesday. Shares of the disappearing app company are down nearly 39% since making their public debut in early March.