LIVE MARKETS-Pick your catalyst: Tech lifts Nasdaq amid broader selloff

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PICK YOUR CATALYST: TECH LIFTS NASDAQ AMID BROADER SELLOFF

The S&P 500 and the Dow lost ground on Tuesday, but tech lifted the Nasdaq into positive territory after inflation data, bank earnings and ongoing trade negotiations offered a crosscurrent of market movers.

The Dow Jones Industrial Average .DJI fell 436.36 points, or 0.98%, to 44,023.29, the S&P 500 .SPX lost 24.8 points, or 0.40%, to 6,243.76 and the Nasdaq Composite .IXIC gained 37.47 points, or 0.18%, to 20,677.80.

Tech .SPLRCT was the sole gainer among the 11 major sectors of the S&P 500, with Nvidia NVDA.O leading the pack, after the chipmaker planned resumption of sales of its H20 AI chips to China as part of ongoing trade talks between the world's two largest economies.

The Philadelphia SE Semiconductor index .SOX finished the session up 1.3%.

On the losing side, homebuilders .SPCOMHOME, regional banks .KRX, housing .HGX, materials .SPLRCM and healthcare .SPXHC were among the biggest underperformers.

JPMorgan Chase JPM.N Citigroup C.N, and Wells Fargo WFC.N reported quarterly results, marking the unofficial start to second quarter earnings season. While the banks posted increases in investment banking revenues, they expressed caution about potential economic damage as a result of President Trump's protracted, multi-front tariff wars.

"While it’s obvious that no one has any idea where we are going (to) settle when it comes to the effective tariff rate, less obvious is how companies respond if the rules of the game keep changing in the second half of the year," said Kevin Gordon, senior investment strategist at Schwab.

The S&P 500 banks index .SPXBK dropped 1.6% on the day.

The Labor Department released its crucial June CPI report, which came in largely as expected, but nevertheless suggested inflation ticked higher in June, all but guaranteeing the U.S. Federal Reserve will leave its key interest rate where it stands at the conclusion of its July policy meeting.

Boston Fed President Susan Collins said she's in no rush to cut rates in view of current economic uncertainty, adding that while increased import taxes will probably drive up inflation, their overall impact might not be as bad as some feared.

Bank of America BAC.N, Goldman Sachs GS.N, Morgan Stanley MS.N, Johnson & Johnson JNJ.N and United Airlines UAL.O are among the companies expected to report on Wednesday.

On the economic front, producer prices, industrial production and mortgage demand are on the docket.

Here's your closing snapshot:

(Stephen Culp)

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EARLIER ON LIVE MARKETS:

U.S. COMPANY OUTLOOK RATIO LESS NEGATIVE THAN Q1 AND A YR AGO CLICK HERE

TRUMP VS POWELL: HOW MESSY MIGHT IT GET? CLICK HERE

PRECIOUS METALS' PULL BACKS SEEN AS AN OPPORTUNITY BY WFII CLICK HERE

TIPTOE THROUGH THE TARIFFS: CPI AND EMPIRE STATE CLICK HERE

U.S. STOCKS MIXED AS THEY SORT OUT INFLATION DATA, EARNINGS CLICK HERE

ECONOMIC RISK OR POLITICAL POWER-UP - WHAT BRAZIL'S TARIFFS MEAN FOR LULA CLICK HERE

U.S. STOCK FUTURES CRAWL HIGHER AFTER LATEST CPI CLICK HERE

POSITIONING ENTERING NEUTRAL TERRITORY CLICK HERE

WATCH OUT FOR HISTORY REPEATING ITSELF IN AUGUST CLICK HERE

FOOTSIE TOPS 9000: "IT'S PARTY TIME" CLICK HERE

TECH LEADS ON NVIDIA HELP, TELCOS DOWN CLICK HERE

BEFORE THE BELL: EUROPEAN FUTURES UP, EARNINGS IN FOCUS CLICK HERE

US EARNINGS TO SHED LIGHT ON TARIFF IMPACT CLICK HERE