Wall Street holds steady after S&P hits record; Merck, Pfizer stocks gain

The spread in the yield curve has gainedabout 20 basis points since leaving negative territory, a recession indicator, in early September

Global stocks faltered on Tuesday as strong earnings from U.S. drugmakers Merck and Pfizer and expectations the Federal Reserve will cut rates was offset by a potential delay in a U.S.-China trade deal, which clouded sentiment and weakened the dollar.

European shares fell as companies headed toward their worst quarterly earnings in more than three years, according to the latest estimates by Refinitiv, underscoring concerns about the deteriorating health of Europe Inc.
 

The U.S. S&P 500 index eked out a fresh record intraday high, led by Merck and Pfizer, though a disappointing profit report from Google parent Alphabet kept the