By Sruthi Shankar
(Reuters) - U.S. stocks struggled to hold on to gains on Tuesday as chip stocks took a beating from Samsung's profit warning and financials fell, denting optimism over U.S.-China trade talks.
"Samsung is sort of a confirmation that Apple is not a standalone situation and that we could probably end up seeing some more disappointments from the technology sector," said Sam Stovall, chief investment strategist at CFRA.
Analysts now expect earnings at S&P 500 technology companies to grow 8.5 percent in the fourth quarter, down from the estimated 13.7 percent in October, according to Refinitiv IBES data. Earnings for S&P 500 companies overall are expected to grow 14.8 percent.
Wall Street's main indexes rose earlier on hopes of progress in U.S.-China trade talks and after the countries extended the discussions to an unscheduled third day.
Trade and concerns over slowing economic growth triggered a selloff at the end of 2018, with Wall Street posting its worst monthly performance in about a decade in December, driving down earnings estimate and stock valuations.
Since then, the S&P 500 has climbed more than 9 percent, with investors looking to the upcoming fourth-quarter earnings season for a clearer picture.
Shares of trade-sensitive Boeing Co rose 2.7 percent after the planemaker delivered a record 806 aircraft in 2018.
At 11:35 a.m. ET, the Dow Jones Industrial Average was up 83.07 points, or 0.35 percent, at 23,614.42. The S&P 500 was up 2.31 points, or 0.09 percent, at 2,552.00 and the Nasdaq Composite was down 2.23 points, or 0.03 percent, at 6,821.24.
Advancing issues outnumbered decliners by a 1.77-to-1 ratio on the NYSE and by a 1.22-to-1 ratio on the Nasdaq.
The S&P index recorded no new 52-week highs and one new low, while the Nasdaq recorded 22 new highs and 12 new lows.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)