* Apple gains after blowout results, Nasdaq futures higher
* United Tech ups outlook but weighs on Dow Industrials
* AMR, Boeing rise on deal to purchase 460 planes
* Dow flat, S&P up 0.1 pct, Nasdaq down 0.2 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to open)
By Ryan Vlastelica
NEW YORK, July 20 (Reuters) - U.S. stocks were flat on Wednesday, with even a blowout quarter at Apple failing to entice investors to carry on buying the day after Wall Street's best day since March.
The bellwether's results follow similarly strong numbers from IBM and Coca-Cola that helped underscore the growing sense companies were faring well despite the economic soft patch. However, sovereign debt problems in the United States and Europe continue to worry the market.
"There's still tremendous uncertainty around the U.S. debt ceiling and the euro-zone, and while earnings have been good it isn't surprising to have a big up day followed by a down day," said David Carter, chief investment officer at Lenox Advisors in New York.
Sales of previously owned U.S. homes unexpectedly fell to a seven-month low in June as cancellations of pending contracts surged, according to the National Association of Realtors. For details, see [ID:nN1E76I1PO]
Tech giant Apple late on Tuesday reported third-quarter revenue that was far above expectations, helped by its Asian business and blockbuster sales of its iPhone. The stock gained 3.3 percent to $389.01. [ID:nN1E76I1K8]
Among the early reporting companies on Wednesday was Dow
component United Technologies Inc
Shares of Textron rose 6.9 percent to $23.64 while United Tech sank 2.4 percent to $86.72.
"Earnings continue to exceed expectations, and the positive momentum is still there," said Phil Flynn, senior market analyst with PFG Best in Chicago, who added that the S&P was poised to top its 2011 high, reached in April.
The Dow Jones industrial average <.DJI> was down 4.16 points, or 0.03 percent, at 12,583.26. The Standard & Poor's 500 Index <.SPX> was up 1.22 points, or 0.09 percent, at 1,327.95. The Nasdaq Composite Index <.IXIC> was down 5.59 points, or 0.20 percent, at 2,820.93.
Weighing on the Nasdaq was Yahoo Inc
Apart from earnings, AMR Corp
Also, Ecolab Co
The growing optimism over earnings season comes as market participants also gain more confidence in the talks for a debt deal in the United States. Markets gained momentum late in the day on Tuesday after President Barack Obama suggested progress was being made toward a $3.75 trillion deficit reduction deal centered around entitlement reform. [ID:nN1E76H1Y0]
The White House and Congress need an agreement that includes an increase in the federal debt ceiling by Aug. 2 or the United States could default on its debt.
(Editing by Chizu Nomiyama)