US STOCKS-Wall Street gains as healthcare stocks rally, oil prices fall

Halliburton

Tue 15:57

Indexes up: Dow 1.22%, S&P 0.70%, Nasdaq 0.59%
3M expands Amazon data-center partnership, raises annual profit forecast
GM shares fall as full-year profit forecast comes below analysts' estimate
Halliburton gains on Q3 profit beat
Updates for market open
By Tharuniyaa Lakshmi and Ragini Mathur
Oct 20 (Reuters) - Wall Street's main indexes climbed on Tuesday as healthcare stocks hit a record high and easing oil prices boosted investor sentiment, while markets continued to stabilize following last week's technology-led selloff.
Brent crude was trading 1.3% lower, reversing course after touching a near five-month high earlier in the day. O/R
Most S&P 500 constituents gained, with healthcare .SPXHC and financials .SPSY rising 1.8% and 1%, respectively.
Energy led the losses, while an about 2% decline in Meta Platforms META.O pulled the communication services .SPLRCL sector down.
The market extended Monday's rebound, when the S&P 500 .SPX and Nasdaq .IXIC climbed as investors bought the dip in technology stocks after last week's sharp selloff, fueled in part by concerns over CoreWeave's CRWV.O debt load and the cost of financing the AI buildout.
AI-related shares were flat to higher on Tuesday, after showing weakness in premarket trading. CoreWeave was last up 1.6%, while chip gauge Philadelphia Semiconductor index .SOX  rose 0.4%.
"You're seeing some strength in some high-value stocks and the Dow, and so that's helping to sort of lift the overall index," said Robert Pavlik, senior portfolio manager at Dakota Wealth. 
"Concerns about what's going on as far as semiconductors, that's still there and AI-related names are down, but for the most part, the rest of the market is seeing a bit of a nice rebound."
Elsewhere, shares of South Korean AI infrastructure company Elice Group 0158S0.KQ tumbled nearly 30% in their market debut, slipping below their IPO price after the company raised 201.1 billion won ($151.12 million) in its offering.
At 10:31 a.m. ET, the Dow Jones Industrial Average .DJI rose 617.62 points, or 1.22%, to 52,599.29. The S&P 500 .SPX gained 53.99 points, or 0.70%, to 7,744.72, while the Nasdaq Composite .IXIC added 154.58 points, or 0.59%, to 26,585.47. 
Investors are now watching this week's corporate earnings for clues on whether companies can maintain strong growth in the face of mounting macroeconomic risks.
Quarterly results from SpaceX SPCX.O and Netflix NFLX.O are due after the market close on Tuesday, while heavyweights Meta Platforms META.O and Tesla TSLA.O are scheduled to report on Wednesday.
Steel Dynamics STLD.O fell 1% after the steelmaker missed third-quarter profit estimates.
General Motors GM.N shares dropped 5.3% after the automaker forecast its annual earnings below analysts' expectations.
3M MMM.N gained 5.3% after the company said it was expanding its data-center partnership with Amazon AMZN.O, and issued a warrant to an Amazon subsidiary to purchase 3M common stock worth over $521 million. The industrial conglomerate also raised its full-year profit forecast on Tuesday.
Credit reporting firm Equifax EFX.N jumped 9.6% after it reported third-quarter profit above analysts' estimates.
Advancing issues outnumbered decliners by a 3.55-to-1 ratio on the NYSE and by 3.45-to-1 on the Nasdaq.
The S&P 500 posted 21 new 52-week highs and one new low, while the Nasdaq Composite recorded 26 new highs and 183 new lows.

 (Reporting by Tharuniyaa Lakshmi and Ragini Mathur in Bengaluru; Editing by Shilpi Majumdar)
 ((tharuniyaa@thomsonreuters.com))