The S&P 500 has ended little changed, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth. Industrials pulled the blue-chip Dow slightly higher and led the bellwether S&P 500’s nominal advance, while the tech-heavy Nasdaq posted its third straight decline.

China producer prices fell last month at their sharpest pace in three years, hit by Beijing’s trade war with Washington. China is expected to buy more agricultural products to position itself for a better trade deal, according to a report from the South China Morning Post. The underwhelming data from China weighed on tariff-sensitive technology stocks, which fell 0.5 per cent on Tuesday.

Investors expect the US Federal Reserve and the European Central Bank to cut rates to bolster the global economy. Germany’s finance minister suggested the nation was prepared to fight a possible recession with a stimulus package. The news from Germany, along with easing US-China tensions, sent US Treasury yields to four-week highs, tracking German bonds.

The Dow Jones Industrial Average rose 73.92 points, or 0.28 per cent, to 26,909.43, the S&P 500 gained 0.96 points, or 0.03 per cent, to 2979.39 and the Nasdaq Composite dropped 3.28 points, or 0.04 per cent, to 8084.16.

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