NEW YORK, April 30 - U.S. stocks traded lower on Tuesday as markets weighed economic data showing rising labor costs and deteriorating consumer confidence on the eve of a key Federal Reserve policy meeting to decide the direction of interest rates.
Ten out of the 11 S&P 500 sectors were trading lower, led by stocks in energy, consumer discretionary, materials, industrials and technology sectors. Equities in utilities and healthcare sectors were making gains after paring early session losses. "But nothing has changed: growth is still strong, labor markets are holding up, and ultimately we're taking a little bit of breather in the disinflation process," Melson added.
Shares of GE HealthCare, opens new tab, opens new tab shrank 13.3% after its first-quarter revenue missed analyst estimates, 3M , opens new tab gained 3.3% after posting a better-than-expected quarterly profit. Of the 265 companies in the S&P 500 that have reported earnings to date for the first quarter, 79.2% have beat analyst estimates, compared with the long-term average of 67%, according to LSEG I/B/E/S data.
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