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US STOCKS-Wall St mixed as investors eye stimulus

Tue, 4th Aug 2020 19:38

(For a live blog on the U.S. stock market, click or
type LIVE/ in a news window)

* Apple approaches $2 trillion market capitalization

* Top Senate Democrat says relief talks progressing

* AIG, Ralph Lauren slide after results disappoint

* Indexes: Dow +0.10%, S&P 500 -0.17%, Nasdaq -0.35%
(Updates to afternoon)

By Noel Randewich and Gertrude Chavez-Dreyfuss

Aug 4 (Reuters) - Wall Street was mixed on Tuesday, buoyed
by Apple and energy stocks but pulled lower by AIG and
Microsoft, as investors awaited more U.S. government stimulus to
reduce economic fallout from the coronavirus pandemic.

Apple climbed 1%, up for a fifth straight session
as investors cheered the iPhone maker's blowout quarterly report
last week. The Silicon Valley heavyweight is $121 billion away
from becoming the first U.S. publicly listed company with a
stock market value of $2 trillion.

Ralph Lauren Corp dropped 4.3% to its lowest since
May after quarterly revenue plunged due to coronavirus-related
store closures and a slowdown in global demand for luxury goods.

American International Group Inc tumbled 7.8% after
its quarterly adjusted profit slumped.

Notwithstanding those two reports, about 83% of the 352
companies in the S&P 500 that have reported quarterly results so
far have beaten estimates for earnings, according to IBES
Refinitiv data.

"Investors are still comfortable that the trajectory of
earnings is on the right path and the 2021 outlook has remained
intact. All that helps support the market at these levels," said
Lindsey Bell, chief investment strategist at Ally Invest.

"But there is an underlying level of uncertainty leading to
a bit of caution," Bell added.

The S&P 500 energy index rose 2.5%, the strongest
performer among 11 sectors.

Investors are betting on a major new coronavirus-aid bill,
with Senate Democratic Leader Chuck Schumer saying talks with
the White House were moving in the "right direction."

A rally in tech-related stocks and trillions of dollars in
monetary and fiscal stimulus have lifted the S&P 500 to within
about 3% of February's record high.

Microsoft Corp, which is looking to buy short-video
app TikTok's U.S. operations, fell 2.4%. President Donald Trump
said on Monday the U.S. government should get a "substantial
portion" of any deal price.

On Tuesday, state-backed newspaper China Daily said the
country will not accept the "theft" of the technology company.

At 2:32 p.m. EDT, the Dow Jones Industrial Average
was up 0.1% at 26,692.15 points, while the S&P 500 lost
0.17% to 3,288.85.

The Nasdaq Composite dropped 0.35% to 10,864.10,
pulled lower by Microsoft.

Evergy Inc slumped 10% after two sources said the
board of the Midwest utility planed to remain independent as
bids solicited from prospective merger partners did not offer
sufficient value.

Take-Two Interactive Software Inc rose 4.8% after
it raised its annual adjusted sales forecast on demand for its
videogame franchises "Grand Theft Auto" and "NBA 2K".

Rival Activision Blizzard Inc gained 1.3% ahead of
its results due after the closing bell.

Walt Disney Co, Fox Corp and Wynn Resorts
Ltd are also expected to report quarterly results later
in the day.

Advancing issues outnumbered declining ones on the NYSE by a
1.79-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers.

The S&P 500 posted 22 new 52-week highs and no new lows; the
Nasdaq Composite recorded 116 new highs and 10 new lows.
(Reporting by Sagarika Jaisinghani and Medha Singh in
Bengaluru; editing by Uttaresh.V and Tom Brown)

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