Investing.com - Wall Street closed mixed as tech stocks tumbled and partly offset gains in industrials, which bounced back from a selloff a day earlier, led by 3M.
The Dow Jones Industrial Average rose 0.21%, the S&P 500 fell 0.13%, while the Nasdaq Composite lost 0.81%.
Tech was dragged lower by ongoing weakness in semiconductor stocks in the wake of Nvidia's downbeat quarterly results released Monday.
Nvidia (NASDAQ:NVDA) fell 4.6%, Applied Materials (NASDAQ:AMAT) fell 1.29% and Advanced Micro Devices (NASDAQ:AMD) fell 4.6%. The plunge in AMD comes ahead of its quarterly results expected after closing bell.
Industrials limited losses in the broader market.
3M (NYSE:MMM) rose 2% after reporting fourth-quarter results that topped estimates, though soft full-year earnings per share guidance kept a lid on gains in the stock.
The company lowered its full-year 2019 EPS guidance to a range of $10.45 to $10.90 from a prior range of $10.60 to $11.05.
"MMM is seeing growth across all geographies and all business units, which we find encouraging," said CFRA, an independent research provider.
Elsewhere a slump in Harley-Davidson overshadowed gains in Whirlpool, pressuring the consumer discretionary sector down 0.8%.
Harley-Davidson (NYSE:HOG) reported fourth-quarter earnings of $0.17, below consensus of $0.28, and revenues of $956 million missed expectations.
Whirlpool (NYSE:WHR) rose 9.6% as its fourth-quarter earnings topped expectations, but revenue fell short as sales declined in Latin America and the company’s Europe, Middle East and Africa segment.
Souring sentiment on trade also weighed on stocks after the Justice Department filed charges against China's Huawei, a day ahead of a second round of trade talks between the two nations.
Treasury Secretary Steven Mnuchin attempted, however, to quell investor fears, saying the criminal charges failed against Huawei will not be part of the trade talks.
"Those are separate issues, and that’s a separate dialogue," Mnuchin said in an interview with Fox Business Network. "So those are not part of trade discussions. Forced technology issues are part of trade discussions, but any issues as it relates to violations of U.S. law or U.S. sanctions are going through a separate track."
Energy stocks, meanwhile, found their footing from a slide a day earlier following a rise in oil prices after the U.S. imposed sanctions on Venezuelan state-owned oil firm PDVSA. The sanctions could curb the country's crude exports, at a time when many fear a glut in global supplies will keep a lid on oil prices.
Economic data offered little optimism as U.S. consumer confidence dropped to an 18-month low in January, weighed down by the government shutdown and volatility in markets.
Top S&P 500 Gainers and Losers Today:
Xerox (NYSE:XRX), Corning (NYSE:GLW) and Whirlpool (NYSE:WHR) were among the top S&P 500 gainers for the session.
Allergan (NYSE:AGN) , Harley-Davidson (NYSE:HOG) and NVIDIA (NASDAQ:NVDA) were among the worst S&P 500 performers of the session.