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The Dow Jones Industrial Average .DJI rose 159.53 points, or 0.6%, to 26,840.4, the S&P 500 .SPX gained 5.46 points, or 0.17%, to 3,257.3 and the Nasdaq Composite .IXIC dropped 86.73 points, or 0.81%, to 10,680.36.

The S&P 500 edged higher on Tuesday, as investors rotated into economically sensitive cyclical stocks, optimistic that Washington will deliver a new round of stimulus to sustain the U.S. economic recovery from a pandemic-induced recession.

Financial, industrial and energy stocks gave the biggest boosts to the bellwether S&P 500 and blue-chip Dow as investors pivoted back to cyclicals. The march upward lost steam late in the session, and a drop in tech shares pulled the Nasdaq lower.

As new infections of COVID-19 surged in the United States, lawmakers on Capitol Hill wrestled to craft a new stimulus package with less than two weeks until the expiry of extended unemployment aid for millions of Americans.

*Stock futures flat ahead of major technology earnings*

U.S. stock futures were flat in overnight trading ahead of major technology earnings from Microsoft and Tesla on Wednesday.

Dow futures rose 20 points. The S&P 500 and Nasdaq-100 futures rose 0.05% and 0.07%, respectively.

Reference: Reuters, CNBC