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Indexes: Dow down 0.11%, S&P 500 up 0.05%, Nasdaq up 0.23%

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Hershey beats quarterly estimates, shares up

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U.S. GDP up 3% in Q2

(Updates with early afternoon prices, analyst comment)

By Nikhil Sharma and Pranav Kashyap

July 30 (Reuters) - Wall Street traded within a tight

range on Wednesday, as investors assessed second-quarter GDP

data and braced for the upcoming Federal Reserve's policy

decision and earnings from major technology behemoths.

At 11:35 a.m. ET, the Dow Jones Industrial Average

fell 49.99 points, or 0.11%, to 44,583.00, the S&P 500

gained 3.16 points, or 0.05%, to 6,373.86 and the Nasdaq

Composite gained 49.45 points, or 0.23%, to 21,147.32.

U.S. economic growth rebounded in the second quarter,

beating expectations, but the reality remains grim as most of

the boost came from waning imports, while domestic demand rose

only marginally.

"It's not really the most positive number because the

consumption was pretty weak.... from my view, not a hugely

encouraging GDP report," said David Russell, global head of

market strategy at TradeStation.

With the Fed widely expected to "hold" rate cuts at the end

of its meeting, analysts are eager for Chair Jerome Powell's

comments for any hints on future policy direction, especially as

the central bank navigates political pressure and assesses the

effects of tariffs on inflation.

Traders see about a 60% chance of a September rate cut,

according to the CME's FedWatch tool.

The latest ADP report showed private payrolls grew by

104,000 in July, topping forecasts of 75,000, ahead of Friday's

all-important nonfarm payrolls release.

The S&P 500 and the Nasdaq on Tuesday snapped their record

run due to disappointing results from Dow components

UnitedHealth ( UNH ) and Merck ( MRK ).

Investors are now placing their bets on results from

megacaps to steer Wall Street to new highs. Microsoft ( MSFT )

and Meta Platforms ( META ) will report their results after the

market closes, while Amazon ( AMZN ) and Apple ( AAPL ) will

report on Thursday.

Meanwhile, a burst of upbeat earnings from consumer

favorites underscored the resilience of American shoppers.

Starbucks ( SBUX ) posted better-than-expected third-quarter

sales, but its shares slipped 0.6% on Wednesday.

Hershey gained 2.3% on results that topped

forecasts. VF Corp ( VFC ), parent of Vans, jumped 9.3%, while

Kraft Heinz ( KHC ) was largely steady after both companies beat

quarterly revenue estimates, adding to the consumer-driven

rally.

Caution permeated after U.S. President Donald Trump

announced a 25% tariff on Indian imports starting August 1 and

an additional unspecified penalty over Russian dealings.

The president vowed not to extend the deadline for trading

partners that fail to secure a deal before August 1.

Meanwhile, U.S.-China trade talks wrapped up with both sides

seeking to extend their tariff truce, leaving the final call in

Trump's hands.

South Korea was also lobbying to secure a trade deal ahead

of Trump's August 1 deadline as its officials met U.S. Commerce

Secretary Howard Lutnick in Washington.

Estimates beating second-quarter revenue for Teradyne ( TER )

lifted the electronic device testing equipment maker to

a near five-month high, last up 16.7%.

Declining issues outnumbered advancers by a 1.33-to-1 ratio

on the NYSE, while advancing issues outnumbered decliners by a

1.04-to-1 ratio on the Nasdaq.

The S&P 500 posted 21 new 52-week highs and 9 new lows,

while the Nasdaq Composite recorded 54 new highs and 72 new

lows.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru;

Editing by Shinjini Ganguli)