US STOCKS-S&P 500 poised for best quarter since 1998; Boeing weighs on Dow


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    * U.S. consumer confidence in June rises more than expected 
    * Boeing tumbles after Norwegian Air cancels orders
    * Uber up on reports of potential bid for Postmates 
    * Dow down 0.14%, S&P 500 up 0.68%, Nasdaq up 1.10%

 (Updates to midafternoon, changes byline)
    By Chuck Mikolajczak
    NEW YORK, June 30 (Reuters) - The S&P 500 on Tuesday was
poised to close out its best quarter in more than two decades as
improving economic data bolstered investor beliefs that a
stimulus-backed rebound for the U.S. economy was on the horizon.
    But gains were kept in check by comments from Anthony Fauci,
the U.S. government's top infectious diseases expert, who said
there was no guarantee the United States will have an effective
COVID-19 vaccine and warned the virus spread "could get very
bad," a reminder that a full economic recovery could be a long
    The Dow slipped, pressured by a drop of more than 6% in
Boeing Co  BA.N , as the airplane maker gave back some of
Monday's 14% surge after Norwegian Air  NWC.OL  canceled orders
for 97 aircraft and said it would claim compensation.*:nL8N2E66NS
    "There is a huge game of musical chairs going on here and
that is really favoring the Nasdaq and it is really punishing
the indices that have the megacap and very familiar names like
Boeing," said Peter Kenny, founder, Kenny’s Commentary LLC and
Strategic Board Solutions LLC in Denver. 
    "That will turn to some extent once we get this under
control and kind of get this relatively all-clear signal from
the authorities - the political figures and the health
    The Dow Jones Industrial Average  .DJI  fell 36.27 points,
or 0.14%, to 25,559.53, the S&P 500  .SPX  gained 20.8 points,
or 0.68%, to 3,074.04 and the Nasdaq Composite  .IXIC  added
108.80 points, or 1.1%, to 9,982.95.
    While coronavirus cases continue to surge in many states,
the U.S. economy is showing signs of pickup, with data
indicating consumer confidence increased much more than expected
in June.*:nL1N2E712N    
    Analysts warned that portfolio rebalancing at the end of the
quarter could lead to choppy trading in the session.
    The benchmark S&P 500 has rebounded more than 37% from its
March 23 closing low and is up nearly 19% for the quarter on
unprecedented levels of fiscal and monetary stimulus and the
easing of restrictions. 
    But it is still down about 5% on the year, and gains in June
stood under 1% due to the flare-up in virus cases that has
threatened to delay reopenings and derail a tentative economic
recovery. Federal Reserve Chairman Jerome Powell reiterated in
comments on Tuesday that the path of the economy is "highly
    Simmering U.S.-China tensions also weighed on sentiment,
with Washington beginning to eliminate Hong Kong's special
status under U.S. law in response to China's national security
law for the territory. China said it would retaliate.*:nL8N2E60GH   
    Nine of the 11 major S&P 500 sectors were trading higher,
with technology  .SPLRCT  stocks leading the pack with a 1%
    Micron Technology Inc  MU.O  jumped 3.9% as it forecast
higher-than-expected current-quarter revenue on strong demand
for its chips that power notebooks and data centers. 
    The company's results also boosted other chipmakers, with
the Philadelphia semiconductor index  .SOX  up 2.1%.*:nL4N2E644A
    Uber  UBER.N  rose 4.7% after reports that the ride-hailing
services company was in talks to buy food-delivery app
    Advancing issues outnumbered declining ones on the NYSE by a
1.48-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favored advancers.
    The S&P 500 posted 8 new 52-week highs and 1 new low; the
Nasdaq Composite recorded 67 new highs and 15 new lows.  

 (Reporting by Chuck Mikolajczak in New York
Editing by Matthew Lewis)
 ((; @ChuckMik; Reuters Messaging:

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