US STOCKS-Wall St pulled lower by GE, energy shares

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

* Oil prices down more than 2 pct * GE plunges for second straight day * Metal prices lower on China demand worries * Indexes down: Dow 0.16 pct, S&P 0.23 pct, Nasdaq 0.33 pct (Updates to early afternoon) By Sruthi Shankar Nov 14 (Reuters) - U.S. stock indexes were lower on Tuesday after GE shares plunged for the second straight day and a drop in oil prices hit energy stocks. The industrial conglomerate GE.N was on track to record its worst two-day fall since 2009 after its new chief executive on Monday outlined steps to turn it into a smaller, more focused company, surprising some investors. Oil prices dipped more than 2 percent as bullish factors such as ongoing OPEC-led production cuts and Middle East tensions were countered by rising U.S. output. O/R Exxon XOM.N slipped 0.7 percent and ConocoPhillips COP.N was down 2.5 percent, weighing the most on the S&P energy index .SPNY . With the quarterly earnings season winding down, the market has taken a breather after its rally to record highs last week. "There are no catalysts at the moment, while there are concerns that the Federal Reserve is going to get more ammunition to move higher with interest rates," said Jeff Zipper, managing director for investments at Private Client Reserve at U.S. Bank in Palm Beach, Florida. "Flattening yield curve is certainly a concern for the market. The market is not convinced that we're going to get the growth that we need to steepen the yield curve." A tightening gap between short- and long-term U.S. government bond yields suggests the Fed may be in danger of hiking rates too much and killing longer term inflation and growth. The White House is considering Mohammed El-Erian, chief economic adviser at German insurance giant Allianz, to be the Fed vice chair, the Wall Street Journal reported. urn:newsml:reuters.com:*:nW1N1LN01N A White House spokesperson declined to comment on the report. At 12:25 p.m. ET (1625 GMT), the Dow Jones Industrial Average .DJI was down 38.46 points, or 0.16 percent, at 23,401.24, the S&P 500 .SPX was down 6.06 points, or 0.23 percent, at 2,578.78 and the Nasdaq Composite .IXIC was down 22.21 points, or 0.33 percent, at 6,735.39. Nine of the 11 major S&P sectors were lower, led by losses in energy and materials index .SPLRCM . Metal prices pulled back after a weaker-than-expected economic data from China sparked concerns about demand. urn:newsml:reuters.com:*:nL3N1NK3NO Copper miner Freeport-McMoRan FCX.N slipped 5.5 percent, and was the biggest loser on the materials index. Shares in Home Depot HD.N held steady, while those in off-price retailer TJX TJX.N dipped after quarterly reports that bore the impact of a violent U.S. hurricane season. urn:newsml:reuters.com:*:nL3N1NK4H3 urn:newsml:reuters.com:*:nL3N1NK5DO Advance Auto Parts AAP.N soared 20 percent after the auto parts retailer affirmed full-year profit forecast and beat quarterly profit estimates. urn:newsml:reuters.com:*:nL3N1NK52Q Declining issues outnumbered advancers on the NYSE by 1,775 to 1,054. On the Nasdaq, 1,736 issues fell and 1,068 advanced. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D'Silva) ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328; Reuters Messaging: sruthi.shankar.reuters.com@reuters.net)) Keywords: USA STOCKS/

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.