US STOCKS-S&P 500 steady after mixed retail earnings

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* Walmart surges on strong Q1 results
* Advance Auto Parts rises on Q2 same-stores sales potential
* Home Depot drops after Q1 results miss estimates
* U.S. housing starts post record decline
* Indexes mixed: Dow dips 0.26%, S&P flat, Nasdaq up 0.56%

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By Medha Singh and Ambar Warrick
May 19 (Reuters) - The S&P 500 was trading flat on Tuesday,
handing back some gains from a strong rally in the previous
session, as investors digested a mixed set of quarterly results
from retailers including Home Depot and Walmart.
Home improvement chain Home Depot HD.N fell 1.4% as it
missed quarterly profit estimates due to higher costs, while
department store operator Kohl's Corp KSS.N slumped 8.4% after
reporting a bigger-than-expected loss. Walmart Inc WMT.N , on the other hand, gained 0.7% after
posting a jump in first-quarter U.S. comparable sales as online
sales soared due to stockpiling of essentials during the
coronavirus-related lockdown. Trillions of dollars in stimulus has helped the S&P 500
rebound more than 34% from its March lows. Although it is now
just about 13% below its record high, the pace of the rally has
slowed in May owing to uncertainty over the outbreak and rising
U.S.-China tensions.
"Volatility is going to be with us for some time. There's a
leveling off process where people accept the new normal, or they
just abandon hope," said George Young, portfolio manager of the
Villere Balanced Fund in New Orleans, Louisiana.
The benchmark index jumped more than 3% on Monday, boosted
by promising early stage data for a potential COVID-19 vaccine
and Federal Reserve Chair Jerome Powell's pledge to support the
economy as needed until the current crisis has passed.
Powell, in his testimony to the Senate Banking Committee on
Tuesday, said the central bank was continuing to consider ways
to accommodate additional borrowers, and that Congress should
consider anything to keep people out of insolvency.
"By far the biggest focus for markets are variables attached
to medical news, (followed by) actions from central banks and
fiscal policymakers," said Tim Shaler, chief economist for
iTrustCapital in Newport Beach, California.
At 11:06 a.m. ET, the Dow Jones Industrial Average .DJI
was down 64.58 points, or 0.26%, at 24,532.79, the S&P 500
.SPX was up 0.71 points, or 0.02%, at 2,954.62. The Nasdaq
Composite .IXIC was up 51.95 points, or 0.56%, at 9,286.77.
Gains in technology focused companies including Apple Inc
AAPL.O , Amazon.com AMZN.O and Intel Corp INTC.O helped the
Nasdaq .IXIC stay in the positive territory.
Seven of the 11 major S&P sectors were trading lower, led by
real estate .SPLRCR and energy stocks .SPNY . Technology
.SPLRCT and consumer discretionary .SPLRCD posted the
biggest percentage gains.
Advance Auto Parts AAP.N climbed 5.3% after the company
said same-store sales improved significantly at the start of
second quarter. U.S. homebuilding dropped by the most on record in April and
permits for future construction tumbled, underlining fears of
sharp economic contraction in the second quarter. Declining issues outnumbered advancers for a 1.09-to-1
ratio on the NYSE and for a 1.02-to-1 ratio on the Nasdaq.
The S&P index recorded eight new 52-week highs and no new
lows, while the Nasdaq recorded 44 new highs and four new lows.