NEW YORK: The S&P 500 and Dow crept higher on Tuesday as investors held out for more US government stimulus, but strained Sino-US relations over TikTok and disappointing quarterly earnings from Ralph Lauren and AIG curbed gains.
Ralph Lauren Corp slumped 6.5% to its lowest since mid-May after quarterly revenue plunged by nearly $1 billion due to coronavirus-led store closures and a slowdown in global demand for luxury goods.
American International Group Inc also led the declines on the S&P 500 with a 8.2% drop as its quarterly adjusted profit slumped. Reflecting the cautious mood, defensive stocks including real estate, utilities and consumer staples led gains among the major S&P sectors. Energy shone among the growth-linked cyclical sectors.
All eyes are now on a fifth major coronavirus-aid bill, with Senate Democratic Leader Chuck Schumer saying talks with the White House were moving in the "right direction". Microsoft's shares fell 2.1%.
At 12:38 p.m. ET, the Dow Jones Industrial Average was up 99.11 points, or 0.37%, at 26,763.51, the S&P 500 was up 3.41 points, or 0.10%, at 3,298.02. The Nasdaq Composite was down 6.06 points, or 0.06%, at 10,896.74.
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