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Ford, GM fall after tariff threats

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Best Buy ( BBY ) drops after trimming annual sales, profit

forecast

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Amgen ( AMGN ) falls as keenly awaited obesity drug data

disappoints

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Indexes: Dow down 0.36%, S&P 500 up 0.36%, Nasdaq up 0.54%

(Updates at mid session trading)

By Johann M Cherian and Purvi Agarwal

Nov 26 (Reuters) - The benchmark S&P 500 and the Nasdaq

extended recent gains on Tuesday, as technology stocks

rebounded, while investors parsed Donald Trump's tariff pledges

on top trade partners and awaited minutes from the Federal

Reserve's latest meeting.

President-elect Trump said he would impose a 25% conditional

tariff on Canadian and Mexican imports that could violate a

free-trade deal he negotiated during his previous term. He also

outlined "an additional 10% tariff, above any additional

tariffs" on imports from China, raising the risk of trade wars.

Automakers such as Ford and General Motors ( GM )

-that have highly integrated supply chains across Mexico, the

U.S. and Canada - lost 2.1% and 7.2%, respectively.

"The concern is that some products are going to become

more costly and that will mean revenue for those companies that

are possibly manufacturing those goods overseas is going to

decline," said Robert Pavlik, senior portfolio manager at Dakota

Wealth.

"It's a lot of back and forth right now because investors

are trying to position themselves for January and the days after

and they're not really sure."

At 11:32 a.m. ET, the Dow Jones Industrial Average

fell 161.03 points, or 0.36%, to 44,575.54, the S&P 500

gained 21.45 points, or 0.36%, to 6,008.82 and the Nasdaq

Composite gained 102.77 points, or 0.54%, to 19,157.61.

Gains in megacaps such as Nvidia ( NVDA ), Microsoft ( MSFT )

and Apple ( AAPL ) boosted the information technology

sector and the tech-heavy Nasdaq.

The blue-chip Dow was weighed down by declines in Amgen ( AMGN )

, which slid 11% after its experimental obesity drug

fell short

of expectations.

Yields on Treasury bonds that slipped in the previous

session following Scott Bessent's selection as incoming Treasury

secretary, rose and kept a lid on equities' gains.

The S&P 500 touched a record high on Monday and logged its

sixth-straight session of gains, while the Russell 2000

also scaled an all-time high after three years. On the day, the

small-cap index fell 0.6%.

Later in the day, investors will parse

minutes from the central bank's meet earlier this month for

any clues on its policy trajectory next year, ahead of

Wednesday's personal consumption expenditure report.

Analysts say Trump's trade and fiscal policies, though seen

as a positive for companies and economic growth, could stoke

inflation pressures and slowdown the Fed's monetary policy

easing cycle.

Minneapolis Federal Reserve President Neel Kashkari,

typically seen as hawkish on monetary policy, said he is open to

cutting interest rates again next month.

Traders have recently swayed in placing their bets on the

central bank's move in December and currently favor a 25-basis

point interest rate cut by a 56.2% chance, as per the CME

Group's FedWatch Tool.

Among others, Eli Lilly rose 5.9% after U.S. President Joe

Biden was set to propose expanding Medicare and Medicaid

coverage for anti-obesity drugs.

Best Buy ( BBY ) lost 6.9% and was among top decliners on

the S&P 500 after trimming its annual profit and sales

forecasts.

Declining issues outnumbered advancers by a 1.95-to-1 ratio

on the NYSE and by a 1.49-to-1 ratio on the Nasdaq.

The S&P 500 posted 38 new 52-week highs and three new

lows, while the Nasdaq Composite recorded 78 new highs and 66

new lows.