S&P 500 rises amid earnings worries

Credit: Reuters Studio
Published on July 9, 2019 - Duration: 00:57s

S&P 500 rises amid earnings worries

The S&P 500 ended slightly higher on Tuesday as gains in tech-related shares offset fresh worries about the impact of the U.S.-China trade dispute on earnings.

Fred Katayama reports.

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S&P 500 rises amid earnings worries

Gains in tech stocks pushed the S&P 500 and Nasdaq higher Tuesday for the first time in three days.

But weakness in telecom and materials stocks dragged the Dow just below the breakeven line amid fresh worries the U.S.-China trade war would dent corporate earnings.

William O'Neil & Co.

Chief market strategist, Randy Watts: SOUNDBITE: WILLIAM O'NEIL & CO.

CHIEF MARKET STRATEGIST, RANDY WATTS (ENGLISH), SAYING: "I think the market is basically pausing right here because it's had such a sharp move off that June 7 follow-through day.

And now I think it's a little more of a waiting pattern to see what happens with earnings season." 3M shares fell.

RBC downgraded the industrial conglomerate, citing its exposure to China and the auto and electronics sectors.

Share of Boeing rose even though the plane maker's deliveries dropped 37% in the first half due to the grounding of its best-selling 737 MAX jets.

Netflix was among the Nasdaq's leading gainers.

Cowen said the video streaming company would benefit from heavy viewership for the new season of its show, "Stranger Things."

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