(Corrects analyst's name in paragraph 6)
* Oil prices dip more than 1.7 pct
* Snap set to start trading on NYSE
* Indexes down: Dow 0.13 pct, S&P 0.28 pct, Nasdaq 0.28 pct
By Yashaswini Swamynathan
March 2 U.S. stocks slipped on Thursday as
investors booked profits after a record day on Wall Street that
propelled the Dow Jones Industrial Average above 21,000 for the
first time ever.
Wall Street's main indexes on Wednesday posted their best
day since the November election, boosted by President Donald
Trump's more measured tone in a speech to Congress and as bank
stocks surged on increased chances of an interest rate hike this
A report from the Labor Department on Thursday showed that
the number of Americans who applied for jobless claims fell to a
44-year low last week, pointing to continued strength in the
The data supported a flurry of encouraging comments on the
economy from Federal Reserve officials that nudged the markets
to price in higher chances of an interest rate hike in two
weeks. Fed Chair Janet Yellen is set to speak on Friday.
Fed Board Governor Lael Brainard, who is typically dovish on
rates, said on Wednesday that a move on rates could come "soon".
"Even on the Federal Reserve Board, the last of the doves is
finally acknowledging that if things seem strong enough we've
got some cover here to move," Mike Mussio, president of FBB
The odds for a move this month jumped to 74 percent,
according to Thomson Reuters data.
At 9:36 a.m. ET (1436 GMT) the Dow was down 27.9
points, or 0.13 percent, at 21,087.65, the S&P 500 was
down 6.77 points, or 0.28 percent, at 2,389.19 and the Nasdaq
Composite was down 16.47 points, or 0.28 percent, at
Oil prices fell more than 1.7 percent following a report
that showed U.S. crude oil stocks hit an all-time high.
Ten of the major S&P 500 indexes were lower, led by a 0.5
percent decline in the energy sector.
Financials, which would benefit in a higher rate
environment, were the outliers.
Investors are awaiting the trading debut of Snap Inc, the
owner of popular messaging app Snapchat, on the New York Stock
Exchange under the ticker. Snap on Wednesday priced its
initial public offering above its target range, raising $3.4
billion and giving the company a $24 billion valuation.
Shares of Kroger dropped 4.2 percent to $30.71,
weighing the most on the S&P 500, after the supermarket operator
reported a surprise decline in holiday-quarter same-store sales.
Monster Beverage was the biggest percentage gainer
on the S&P, rising 11.7 percent following a quarterly revenue
that beat analysts' average estimate.
Broadcom rose 3.5 percent to $222.76 after the
chipmaker reported quarterly revenue above analysts'
Declining issues outnumbered advancers on the NYSE by 1,997
to 602. On the Nasdaq, 1,553 issues fell and 640 advanced.
The S&P 500 index showed 15 new 52-week highs and three new
lows, while the Nasdaq recorded 50 new highs and 14 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by