Wall Street wavers as tech gives ground and industrials rebound

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By Noel Randewich

(Reuters) – Wall Street was mixed on Tuesday, with Alphabet, Facebook and other technology-related shares dipping, while a rebound in 3M and other industrials elevated the Dow Jones Industrial Average.

Apple Inc jumped 4 percent in extended trade after the iPhone maker posted quarterly results following its warning earlier this month that revenue would be less than previously expected due to softness in China, whose economy has been damaged by a trade war with the United States.

Apple’s stock had fallen 1.04 percent during the trading session, and its rebound after the bell helped push S&P 500 futures up 0.2 percent, suggesting Wall Street could open in positive territory on Wednesday.

Interest rates were also in focus as the Federal Reserve began a two-day monetary policy meeting. After raising rates gradually last year, the central bank is taking a wait-and-see approach to further tightening in the face of an overseas slowdown and market volatility.

The Fed is widely expected to leave rates unchanged on Wednesday, and investors will look to Friday’s January jobs report for clues about the pace of future inflation.

“It’s a day of indecision. I don’t think anyone wants to make a big bet ahead of all that news,” Willie Delwiche, an investment strategist at Baird, said of corporate earnings, the Fed decision and the employment report.

The S&P industrials index, which took a beating after a warning from Caterpillar on Monday, rebounded 1.37 percent, helped by better-than-expected reports from 3M Co and defense companies.

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