* Oil prices slip 1 pct as U.S. crude inventories rise
* Hewlett Packard Enterprise falls after cutting forecast
* S&P, Dow on track to post weekly gain
* Indexes down: Dow 0.21 pct, S&P 0.23 pct, Nasdaq 0.28 pct
(Adds details, changes comment, updates prices)
By Tanya Agrawal
Feb 24 The Dow Jones Industrial Average was on
track to break its 10-day record-setting streak on Friday, as
investors reassessed the "Trump rally" after recent comments
suggested that pro-growth policies might take longer to be
U.S. markets are trading at record levels since the U.S.
election, spurred by President Donald Trump's promises of tax
reforms, reduced regulations and increased infrastructure
But, with Trump giving scant detail on his plans – including
one on Thursday to bring millions of jobs back to the United
States – markets have recently traded in a tight range.
The benchmark S&P 500 index has not registered a move of at
least one percent in either direction since Dec. 7.
"There is an expectation that the tax cuts promised by the
new administration may not be as large or as early as expected,"
said Mohannad Aama, managing director at Beam Capital Management
in New York.
"Investors had priced in the most rosy outlook for the
market under the Trump administrations and now their reality is
slowly changing as they realize a lot of the new policies will
take time and maybe the market has run up too fast too soon."
U.S. Treasury Secretary Steven Mnuchin said on Thursday that
any policy steps would probably have only a limited impact this
year. Investor will likely get more clarity on Trump's plan on
Tuesday, when he addresses a joint session of Congress.
Still, the Dow and the S&P were on track to end the week
higher, with the Nasdaq set to register a loss.
At 10:52 a.m. ET (1552 GMT) the Dow Jones industrial average
was down 43.87 points, or 0.21 percent, at 20,766.45.
The S&P 500 was down 5.64 points, or 0.23 percent, at
The Nasdaq Composite was down 16.41 points, or 0.28
percent, at 5,819.10.
Six of the 11 major S&P sectors were lower, with the
financial index's 1.06 percent fall leading the
Wells Fargo fell 1.77 percent and weighed the most
on the S&P, while Goldman Sachs' 1.75 percent drop pulled
down the Dow.
Oil prices were down about 1 percent after U.S. crude
inventories rose for a seventh week, showing the market is still
struggling to ease oversupply.
Shares of Hewlett Packard Enterprise fell 7.87
percent to $22.71 after the company cut its full-year profit
Baidu was down 4.05 percent at $177.09 as the
internet search giant's revenue fell for a second straight
quarter. The stock was among the biggest drags on the
J.C. Penney fell 9.77 percent to $6.27 after the
department store operator reported a bigger-than-expected drop
in same-store sales for the holiday quarter.
Declining issues outnumbered advancers on the NYSE by 1,658
to 1,134. On the Nasdaq, 1,733 issues fell and 872 advanced.
The S&P 500 index showed 22 new 52-week highs and one new
low, while the Nasdaq recorded 45 new highs and 38 new lows.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza and