By Noel Randewich
(Reuters) – Wall Street was mixed Tuesday, with Alphabet, Facebook and other technology-related shares dipping, while a rebound in 3M and other industries raised the Dow Jones Industrial Average.
The interest rate was also in focus as the Federal Reserve began a two-day monetary policy meeting. After the interest rate rose gradually last year, the central bank takes a wait for further tightening in the face of overseas slowdown and market volatility.
The Fed is generally expected to leave rates unchanged on Wednesday, and investors will look at the Friday January job track record of the pace of future inflation.
"It's a day of indecision. I don't think anyone will make much effort in front of all the news," Willie Delwiche, an investment strategist at Baird, said about corporate earnings, the Fed decision and the recruitment report.
The S & P industrial premises index, which after a warning from Caterpillar on Monday, was repealed, rose again by 1.37 percent, aided by better-than-expected reports from 3M Co and defense companies.
Amazon.com Inc, Facebook Inc and Microsoft Corp, all reporting quarterly results later this week, dropped more than 2 percent each.
The S&P technology index lost 1.01 percent.
Analysts On average, S & P 500 expects companies' total earnings per share. share rose 14.2 percent in the fourth quarter. But with US corporate tax cuts now a year old, 2019 earnings are rising, increasing by a more moderate 5.6 percent.
When Washington and Beijing officials are preparing a high trade meeting this week, the Justice Department adjusted charges against Chinese telecommunications giant Huawei, which may be embarrassed by the negotiations.
The Dow Jones Industrial Average climbed 0.21 percent to 24,579.96 points, while the S & P 500 lost 0.15 percent to 2.640, knocked down by technology and communications stocks. Nasdaq Composite fell 0.81 percent to 7,028.29.
Defense agencies L3 Technologies Inc jumped 8.44 percent, and Harris Corp climbed 8.78 percent after topping quarterly earnings estimates.
3M rose 1.94 percent after fourth-quarter earnings estimates, also as the Post-It notes maker trimmed its 2019 earnings outlook and said a slowdown in its Chinese business was revenue.
Harley-Davidson Inc fell 5.05 percent after the motorcycle manufacturer reported a lower expected quarterly earnings, hit by declining sales in the US.
Allergan Plc fell 8.55 percent after the Botox producer had expected 2019 revenue below expectations.
Accelerated issues exceeded falling on the NYSE with a 1.42 to 1 ratio; on the Nasdaq, a 1.23-to-1 ratio favored decliners.
S & P 500 posted 10 new 52 week heights and a new low; Nasdaq Composite registered 31 new highs and 29 new lows.
Volume on US stock exchanges was 6.9 billion. shares compared to 7.6 billion. share average over the last 20 trading days.
(Reporting Noel Randewich; Further Reporting of Sruthi Shankar and Shreyashi Sanyal in Bengaluru; Editing by Dan Grebler, Leslie Adler and Bill Berkrot)