Stocks

US STOCKS-Wall Street wavers as tech gives ground and industrials rebound

* Allergan drops as 2019 forecast misses estimates

* Harley-Davidson tumbles on 4th-qtr profit miss

* 3M, defense companies lead industrial stocks higher

By Noel Randewich

Jan 29 (Reuters) - Wall Street was mixed on Tuesday, withAlphabet, Facebook and other technology-related shares dipping,while a rebound in 3M and other industrials elevated the DowJones Industrial Average.

Apple IncAAPL.O jumped 4 percent in extended trade afterthe iPhone maker posted quarterly results following its warningearlier this month that revenue would be less than previouslyexpected due to softness in China, whose economy has beendamaged by a trade war with the United States. urn:newsml:reuters.com:*:nL1N1ZT1WM

Apple's stock had fallen 1.04 percent during the tradingsession, and its rebound after the bell helped push S&P 500futures EScv1 up 0.2 percent, suggesting Wall Street couldopen in positive territory on Wednesday.

Interest rates were also in focus as the Federal Reservebegan a two-day monetary policy meeting. After raising ratesgradually last year, the central bank is taking a wait-and-seeapproach to further tightening in the face of an overseasslowdown and market volatility. urn:newsml:reuters.com:*:nL1N1ZO1I6

The Fed is widely expected to leave rates unchanged onWednesday, and investors will look to Friday's January jobsreport for clues about the pace of future inflation.

"It's a day of indecision. I don't think anyone wants tomake a big bet ahead of all that news," Willie Delwiche, aninvestment strategist at Baird, said of corporate earnings, theFed decision and the employment report.

The S&P industrials index .SPLRCI , which took a beatingafter a warning from CaterpillarCAT.N on Monday, rebounded1.37 percent, helped by better-than-expected reports from 3M CoMMM.N and defense companies.

Amazon.com IncAMZN.O , Facebook IncFB.O and MicrosoftCorp MSFT.O , which are all due to report quarterly resultslater this week, fell more than 2 percent each.

The S&P technology index .SPLRCT lost 1.01 percent.

Analysts on average expect S&P 500 companies' aggregateearnings per share to have risen 14.2 percent in the fourthquarter. But with U.S. corporate tax cuts now a year old, 2019earnings are seen rising a more moderate 5.6 percent.

As Washington and Beijing officials prepare for a high-leveltrade meeting this week, the Justice Department leveled chargesagainst Chinese telecom giant HuaweiHWT.UL , potentiallycasting a cloud on the talks. urn:newsml:reuters.com:*:nL1N1ZS19N

The Dow Jones Industrial Average .DJI climbed 0.21 percentto end at 24,579.96 points, while the S&P 500 .SPX lost 0.15percent to 2,640, dragged down by technology and communicationsstocks. The Nasdaq Composite .IXIC dropped 0.81 percent to7,028.29.

Defense contractors L3 Technologies IncLLL.N jumped 8.44percent and Harris CorpHRS.N climbed 8.78 percent aftertopping quarterly earnings estimates.

3M rose 1.94 percent after its fourth-quarter results beat estimates, even as the Post-It notes maker trimmed its 2019earnings outlook, saying that a slowdown at its Chinese businesswas hurting revenue. urn:newsml:reuters.com:*:nL3N1ZT57R

Harley-Davidson IncHOG.N dropped 5.05 percent after themotorcycle maker reported a lower-than-expected quarterlyprofit, hit by declining sales in the United States. urn:newsml:reuters.com:*:nL3N1ZT47K

Allergan PlcAGN.N fell 8.55 percent after the Botox makerforecast 2019 revenue below expectations. urn:newsml:reuters.com:*:nL3N1ZT4BB

Advancing issues outnumbered declining ones on the NYSE by a1.42-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored decliners.

The S&P 500 posted 10 new 52-week highs and one new low; theNasdaq Composite recorded 31 new highs and 29 new lows.

Volume on U.S. exchanges was 6.9 billion shares, comparedwith the 7.6 billion-share average over the last 20 tradingdays. (Reporting by Noel Randewich; Additional reporting by SruthiShankar and Shreyashi Sanyal in Bengaluru; Editing by DanGrebler, Leslie Adler and Bill Berkrot) ((noel.randewich@tr.com; Twitter handle: @randewich (415) 6772542; Reuters Messaging:noel.randewich.thomsonreuters.com@reuters.net))


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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