*

Nikola ( NKLA ) falls after filing for bankruptcy protection

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Analog Devices ( ADI ) gains after Q1 results beat estimates

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Indexes: Dow off 0.30%, S&P 500 up 0.06%, Nasdaq up 0.03%

(Updates to mid-afternoon)

By Stephen Culp

NEW YORK, Feb 19 (Reuters) -

U.S. stocks wavered between slight gains and losses on

Wednesday as investors parsed the minutes from the Federal

Reserve's January policy meeting and digested the latest tariff

announcements from U.S. President Donald Trump.

The S&P 500 inched higher, on course for a second

consecutive record closing high, while the Nasdaq was

essentially flat and the blue-chip Dow moved modestly lower.

"The market continues to work its way higher, so

'resiliency' is the watchword that I would give to the market

right now," said Sam Stovall, chief investment strategist of

CFRA Research in New York. "In the face of high valuations,

reduced Q1 earnings estimates as well as the uncertainty

surrounding global trade, the market is still leaning toward the

positive side."

At the Fed's January policy meeting, the U.S. central bank

left its key interest rate unchanged. The minutes show

policymakers expressed concern about stubborn inflation and the

potential effect of Trump's policy proposals, particularly

tariffs, on their efforts to bring price growth down to their

target.

"Fed is going to continue to be data-dependent and they're

in no hurry to cut interest rates," Stovall added. "(There's)

really nothing new, but at the same time, nothing unexpectedly

negative."

Trump announced on Tuesday he would impose tariffs "in the

neighborhood of 25%" on autos, semiconductors and

pharmaceuticals, the latest in a series of measures that have

raised concerns over the consequences of a global trade war.

The Commerce Department said housing starts tumbled by 9.8%

in January, a plunge attributed to soft demand, elevated

mortgage rates and a spate of unusually frigid weather.

Housing stocks were underperformers, dropping 2.1%.

The Dow Jones Industrial Average fell 134.61 points,

or 0.30%, to 44,421.73, the S&P 500 gained 3.48 points,

or 0.06%, at 6,133.06 and the Nasdaq Composite edged up

5.51 points, or 0.03%, to 20,046.77.

Among the 11 major sectors of the S&P 500, healthcare

was enjoying the largest percentage gain, while

materials were showing the biggest percentage dip.

Fourth-quarter earnings season is approaching the finish

line, and 74% of the S&P 500 constituents that have reported

posted better-than-expected results, according to LSEG.

Analysts now see fourth-quarter S&P 500 earnings growth of

15.3% year-on-year, a significant improvement over the 9.6%

estimate at the beginning of the year, according to LSEG.

Electric truck maker Nikola ( NKLA ) plunged 37.7% in the

wake of its filing for Chapter 11 bankruptcy protection.

Specialty chemicals company Celanese tumbled 23.2%

after reporting a quarterly loss.

Shares of Shift4 slid 16.7% following its

fourth-quarter results and on news that the payments processor

has agreed to buy Global Blue ( GB ) in a deal valued at $2.5

billion.

Shares of Global Blue ( GB ) jumped 17.5%.

Analog Devices ( ADI ) gained 9.3% after beating quarterly

profit and revenue estimates.

Declining issues outnumbered advancers by a 1.66-to-1 ratio

on the NYSE. There were 150 new highs and 82 new lows on the

NYSE.

On the Nasdaq, 1,789 stocks rose and 2,528 fell as declining

issues outnumbered advancers by a 1.41-to-1 ratio.

The S&P 500 posted 20 new 52-week highs and six new lows

while the Nasdaq Composite recorded 76 new highs and 112 new

lows.