(Corrects to "US STOCKS" from "US STOCK" in headline)
* Nasdaq touches record intraday high
* Retrophin top percentage gainer on Nasdaq
* Chipotle rises after Pershing Square takes stake
* Dow down 0.19 pct, S&P 0.13 pct, Nasdaq up 0.03 pct
By Yashaswini Swamynathan
Sept 7 The S&P 500 index and the Dow were
slightly lower on Wednesday as investors awaited a key report by
the Federal Reserve to gauge the health of the U.S. economy.
However, gains in technology and healthcare stocks prevented
the Nasdaq from slipping into negative territory. Facebook
rose as much 1.7 percent to a record high, giving the
index its biggest boost.
Retrophin soared 40 percent after the company said
its drug to treat a kidney disorder met the main goal of a
mid-stage study. The stock was the top percentage gainer on the
The Federal Reserve is scheduled to release its Beige Book -
a summary of commentary on economic conditions - at 2:00 p.m. ET
"We've had very quiet market activity for a couple of months
... And a lot of uncertainty on policy," said Tim Courtney,
chief investment officer at Exencial Wealth Advisors.
Investors will wait until they get more clarity on
presidential elections, the quality of third-quarter earnings
and the timing of the next rate hike, Courtney said.
While the Fed has been hinting at higher rates in the
near-term, a recent set of weak economic data, including last
week's jobs numbers, have muddied the outlook.
U.S. markets have been trading in a tight range in the past
few months, with the S&P 500 not moving more than 1 percent in
either direction on a daily basis since July 8.
At 11:10 a.m. ET (1510 GMT), the Dow Jones Industrial
Average was down 35.3 points, or 0.19 percent, at
The S&P 500 was down 2.78 points, or 0.13 percent, at
The Nasdaq Composite was up 1.37 points, or 0.03
percent, at 5,277.28, after touching a record intraday high.
Seven of the 10 major S&P 500 indexes were lower, with the
consumer staples sector falling the most by 0.78
percent. The typically defensive sector has risen 7.8 percent
Apple shares were down 0.26 percent at $107.41. The
biggest company by market value is expected to unveil the new
iPhone 7 later on Wednesday.
Chipotle rose 5.2 percent to $435.51 after activist
investor William Ackman's hedge fund Pershing Square bought a
9.9 percent stake in the burrito chain operator.
Advancing issues outnumbered decliners on the NYSE by 1,598
to 1,223. On the Nasdaq, 1,583 issues rose and 1,089 fell.
The S&P 500 index showed 22 new 52-week highs and one new
lows, while the Nasdaq recorded 94 new highs and six new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by