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Indexes: Dow up 0.3%, S&P 500 down 0.1%, Nasdaq down 0.3%

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Boeing ( BA ) rises on Uzbekistan deal, potential China order

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AutoZone ( AZO ) falls after Q4 profit falls short of estimates

(Updates with late morning trade)

By Niket Nishant and Sukriti Gupta

Sept 23 (Reuters) -

Wall Street's main indexes were mixed on Tuesday, with the

Dow and the S&P 500 hitting record highs, as investors looked to

Federal Reserve Chair Jerome Powell for clues on the rate-cut

trajectory.

Powell's comments could be crucial to shaping expectations

at a time when equities have been propelled by the rate cut last

week. Investors are hoping for further reductions to sustain the

rally that has allowed Wall Street to scale new highs in

September, defying historical trends.

But the path for further cuts remains unclear. Chicago

Fed President Austan Goolsbee in an interview with CNBC

advocated a little caution to prevent reigniting inflation.

Separately, Fed Vice Chair for Supervision Michelle

Bowman said the bank

could have to speed up

the pace of cuts if businesses begin to lay off workers.

"A tug of war is developing as investors expect the Fed

to move more aggressively than what officials signaled with the

dot plots," wrote Jeffrey Roach, chief economist at LPL

Financial.

"The gap between official guidance and market pricing

underscores the uncertainty surrounding monetary policy in the

coming years and highlights the risk of volatility if either

side is proven wrong."

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

rose 140.45 points, or 0.30%, to 46,520.41, the S&P 500

lost 6.68 points, or 0.10%, to 6,687.07 and the Nasdaq

Composite lost 65.26 points, or 0.29%, to 22,723.72.

Gains in Boeing ( BA ) and banks such as Goldman Sachs ( GS )

and JPMorgan ( JPM ) boosted the Dow to hit an intraday

record.

Boeing ( BA ) gained 2.1% after securing an order from Uzbekistan

Airways worth over $8 billion, while talks for a Chinese order

were ongoing.

The S&P 500 financials sector hit a record high and

was last up 0.6%, while energy companies rose 2.6%. The

gains helped the S&P 500, which hit an intraday all-time high

before giving up gains.

Losses in Nvidia ( NVDA ), which slipped 1.9% after hitting

a record high in the previous session, and Amazon.com ( AMZN ),

which dipped 1.7%, weighed on the Nasdaq. Technology

stocks fell 0.5% on the S&P 500.

Consumer discretionary stocks fell 0.7%, with

AutoZone ( AZO ) the biggest laggard, down 2.9%, after its

fourth-quarter profit missed estimates.

A September reading of S&P Global's flash manufacturing PMI

fell to 52 from 53 in August.

During the past 40 years, the S&P 500 has generated a 15%

median 12-month return when the Fed resumed cutting rates

against a backdrop of continued economic growth.

However, uncertainty around the Trump administration's

policy continues to pose risks. Kenvue ( KVUE ), the maker of

popular pain medication Tylenol, rose 3.2% but is yet to fully

recover from a 7.5% plunge on Monday when the U.S. president

linked autism to childhood vaccine use and the taking of Tylenol

by women when pregnant.

Advancing issues outnumbered decliners by a 1.96-to-1 ratio

on the NYSE and by a 1.5-to-1 ratio on the Nasdaq.

The S&P 500 posted 42 new 52-week highs and 11 new lows,

while the Nasdaq Composite recorded 133 new highs and 34 new

lows.