US STOCKS-S&P 500 edges higher as tech, healthcare shares shine

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* Marriott drops as profit misses lowered estimates
* Cardinal Heath surges as pandemic drives sales
* Under Armour slumps on warning sales could halve
* Indexes: Dow off 0.20%, S&P up 0.14%, Nasdaq climbs 0.74%

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By Medha Singh
May 11 (Reuters) - The S&P 500 ticked higher on Monday as
gains in healthcare and technology stocks countered losses in
financials, while investors kept an eye on new coronavirus cases
as several countries ease lockdowns.
The tech-heavy Nasdaq .IXIC was headed for its sixth
straight day of gains, while the Dow Jones index .DJI slipped
about 0.2%.
Technology .SPLRCT and healthcare .SPXHC , the best
performing sectors this year, rose 0.5% and 1.4% each.
Financials .SPSY , which tend to lag when the economic outlook
darkens, declined 1.5%.
"Markets want to believe that later on this year we're going
to be in a better position. Definitely not right now, but we are
moving towards that direction," said Robert Pavlik, chief
investment strategist at SlateStone Wealth LLC in New York.
Hopes of a pickup in business activity have powered a strong
rally on Wall Street from March lows, and the Nasdaq is now up
more than 2% this year.
The tech-heavy index is now just 6.6% below its February
record high, but analysts have warned of another selloff as
macroeconomic data gets worse, foreshadowing a deep and lasting
global recession.
Earlier in the day, news of a surge in new COVID-19 cases in
Germany and South Korea weighed on sentiment.
"We think it's likely a stretch for investors to chase the
move much higher from here," said Eoin Murray, head of
investment at Federated Hermes.
After financial markets began pricing in negative U.S.
interest rates for the first time ever last week, all eyes will
be on Federal Reserve Chair Jerome Powell's outlook on the
economy at a webcast event on Wednesday.
At 1:00 p.m. ET, the Dow Jones Industrial Average .DJI was
down 48.67 points, or 0.20%, at 24,282.65, the S&P 500 .SPX
was up 4.16 points, or 0.14%, at 2,933.96. The Nasdaq Composite
.IXIC was up 67.58 points, or 0.74%, at 9,188.90.
Drug distributor Cardinal Health Inc CAH.N jumped 6.5% as
the pandemic drove a surge in third-quarter sales, which topped
market estimates. Marriott International Inc MAR.O shed 4.3% after the hotel
operator's quarterly profit fell short of already drastically
lowered expectations. Athletic apparel maker Under Armour Inc UA.N UAA.N
slumped 9.6% after it forecast a 50% to 60% drop in
second-quarter revenue, while General Mills Inc GIS.N rose
1.8% after it said it expects to surpass its own expectations
for fiscal 2020 organic sales. Declining issues outnumbered advancers for a 1.80-to-1 ratio
on the NYSE and a 1.05-to-1 ratio on the Nasdaq.
The S&P index recorded 15 new 52-week highs and one new low,
while the Nasdaq recorded 87 new highs and 10 new lows.