US STOCKS-Wall Street see-saws as investors weigh mixed earnings, stimulus prospects

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* Tesla, Microsoft results expected
* Record existing home sales jump boosts housing stocks
* Snap Inc falls after disappointing user growth forecast
* Dow up 0.18%, S&P rises 0.16%, Nasdaq down 0.18%

(New throughout, updates prices, market activity and comments
to late afternoon, changes dateline, byline)
By Stephen Culp
NEW YORK, July 22 (Reuters) - U.S. stock indexes traded
mixed and in a narrow range on Wednesday as investors digested
mixed quarterly results, stimulus negotiations in Washington and
simmering U.S.-China tensions.
The blue-chip Dow the S&P 500 oscillated between positive
and negative territory and were last slightly higher. The Nasdaq
dipped, pressured by a 1.6% drop in Amazon.com shares.
The S&P 500 remains positive territory year-to-date, up
nearly 1%. The Nasdaq has gained more than 18% since Jan. 1,
while the Dow remains down almost 6%.
"Investors are still trying to figure out which way to go,"
said Tim Ghriskey, chief investment strategist at Inverness
Counsel in New York. "There's so much uncertainty out there."
The latest figures showed more than 1,000 deaths in the
United States from COVID-19 on Tuesday, bringing the total death
toll to nearly 142,000. Experts warned that number will rise
further due to a surge in new infections. Congressional Democrats and Republicans remained divided on
the details of a new stimulus package expected to cost $1
trillion or more, less than two weeks before extended benefits
are due to expire for millions of unemployed Americans.
"Talk of a big stimulus package is sending jitters through
the market because of the swelling deficit," Ghriskey added. "On
the other hand stimulus package benefits the economy and we all
know this economy needs help during this pandemic."
Strained relations between Washington and Beijing
deteriorated more after the White House abruptly shut down a
Chinese consulate in Houston, a move China called
"unprecedented."
On the economic front, sales of existing homes jumped by a
record 20.7% in June, according to the National Association of
Realtors.
The Philadelphia SE Housing index .HGX was up 2.2%,
handily outperforming the broader market.
The Dow Jones Industrial Average .DJI rose 48.2 points, or
0.18%, to 26,888.6, the S&P 500 .SPX gained 5.14 points, or
0.16%, to 3,262.44 and the Nasdaq Composite .IXIC dropped
18.92 points, or 0.18%, to 10,661.45.
Seven of the 11 major sectors in the S&P 500 trading higher,
with utilities .SPLRCU enjoying the biggest percentage gain.
Second quarter earnings season is in full-swing, with 75
constituents of the S&P 500 having posted results. Of those,
77.3% have beaten consensus, according to Refinitiv data.
But expectations have set a low bar. Analysts now see
aggregate S&P 500 second quarter earnings plunging by 41.2%
year-on-year, per Refinitiv.
Pfizer Inc PFE.N gained 4.5% after the drugmaker and
German biotech firm BioNTech SE 22UAy.F announced the U.S.
government would pay $1.95 billion 100 million doses of their
COVID-19 vaccine candidate. Hospital operator HCA Healthcare Inc HCA.N reported
better-than-expected quarterly revenue, sending its stock
jumping 11.4%.
Snap Inc SNAP.N shares sank 7.0% after posting a net loss
of $326 million and forecasting fewer-than-expected
current-quarter users. Shares of United Airlines Holdings Inc UAL.O dropped 3.2%
after the company reported an adjusted net loss of $2.6 billion
in the April to June quarter. Market participants now look to quarterly results from
Microsoft Corp MSFT.O and Tesla Inc TSLA.O , both due after
the closing bell.
Advancing issues outnumbered declining ones on the NYSE by a
1.16-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favored decliners.
The S&P 500 posted 38 new 52-week highs and 1 new lows; the
Nasdaq Composite recorded 75 new highs and 10 new lows.