Wall St inches higher as miners shine; weak sentiment data limits gains
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US consumer confidence ebbs in September on labor market fears
Visa slips after report DOJ to file antitrust lawsuit
U.S.-listed Chinese firms jump after domestic stimulus plan
Indexes up: Dow 0.02%, S&P 500 0.12% Nasdaq 0.42%
Updated at 11:51 a.m. ET/1551 GMT
By Johann M Cherian and Purvi Agarwal
Sept 24 (Reuters) - Wall Street's main indexes inched higher on Tuesday, with mining stocks in the lead after China unveiled a sweeping stimulus package, while concerns of a weaker economy and uncertainty over the Federal Reserve's next policy move limited gains.
The indexes initially pared gains after a Conference Board report showed U.S. consumer confidence unexpectedly fell in September amid mounting worries over the health of the labor market.
Market pricing for the Fed's November decision now favors another 50 basis point cut, from a coin toss earlier, as per the CME Group's FedWatch Tool.
"We got a little bit of cold water with the consumer confidence number this morning that might add to concerns the Fed may have been a little late," said Michael James, senior vice president of equity trading at Wedbush Securities.
The S&P 500 and the blue-chip Dow were hoveringnear record highs, and were set for monthly gains after the Fed's outsized rate cut sparked a market rally, and was backed by a number ofFed policymakers.
The Dow Jones Industrial Average .DJI rose 9.72 points, or 0.02%, to 42,134.37, the S&P 500 .SPX gained 6.16 points, or 0.12%, to 5,725.17 and the Nasdaq Composite .IXIC gained 76.13 points, or 0.42%, to 18,050.40.
Six out of the 11 S&P 500 sectors trended downwards, although material stocks .SPLRCM outperformed peers with a 1.1% rise.
Metal prices got a boost after theworld's second-largest economy, China, unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk.
Copper and lithium miners rose. Freeport-McMoRan FCX.N added 7%, Southern Copper SCCO.N rose 6.5%, Albemarle ALB.N advanced 3% and Arcadium ALTM.N climbed 3.8%.
U.S.-listed shares of Chinese firms such as Alibaba BABA.N rose 6.7%, PDD Holdings PDD.O added 10.2% and Li Auto LI.O advanced 8.4%, tracking gains in the domestic market.
"China's moves to stimulate their economy are going to add optimism to companies doing extensive business in China and you're seeing that reflected in some of those stocks," James said.
Megacap stocks were mixed, with Nvidia NVDA.O gaining 3.5%, while Microsoft MSFT.O lost over 1%. The broader technology sector .SPLRCT rose 0.9%.
The Philadelphia SE Semiconductor .SOX was up 1.7% as most chip stocks such as Qualcomm QCOM.O and Intel INTC.O rose 1.8% each.
Meanwhile, Fed Governor Michelle Bowman cautioned that key inflation measures remained "uncomfortably above" the Fed's 2% target, warranting caution as the Fed proceeds with cutting interest rates.
For the week, weekly jobless claims and personalconsumption expenditure data will remain in focus.
Among stocks, Visa V.N lost 4% after a report showed the U.S. Department of Justice plans to file a lawsuit against the payments network operator, alleging that it illegally monopolized the country's debit card market.
It weighed on the financial sector .SPSY that slipped 1%.
Advancing issues outnumbered decliners by a 1.38-to-1 ratio on the NYSE and by a 1.13-to-1 ratio on the Nasdaq.
The S&P 500 posted 52 new 52-week highs and no new lows, while the Nasdaq Composite recorded 76 new highs and 69 new lows.
Reporting by Johann M Cherian and Purvi Agarwal in Bengaluru; Editing by Maju Samuel
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