* Oil prices slip about 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 0.17 pct, S&P 0.15 pct, Nasdaq 0.17 pct
(Updates to early afternoon)
By Tanya Agrawal
Feb 24 The Dow was on track to break its 10-day
record-setting streak on Friday, as investors turned cautious
after recent comments from Trump administration suggested that
pro-growth policies may take longer to be implemented.
Wall Street is trading at record levels since the election
of Donald Trump as U.S. president, spurred by his promises of
tax reforms, reduced regulations and increased infrastructure
However, with Trump giving scant detail on his plans –
including one on Thursday to bring millions of jobs back to the
United States – markets have traded in a tight range.
The benchmark S&P 500 index has not registered a move of at
least 1 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, while the Nasdaq was set to register a loss.
At 12:36 p.m. ET (1736 GMT) the Dow Jones industrial average
was down 35.23 points, or 0.17 percent, at 20,775.09.
The S&P 500 was down 3.75 points, or 0.15 percent, at
The Nasdaq Composite was down 9.73 points, or 0.17
percent, at 5,825.78.
Seven of the 11 major S&P sectors were higher, with the
utilities index's 1.07 percent rise leading the
Defensive sectors such as the telecommunications
and consumer discretionary also gained.
The financial sector, which is the best performing
index since the election, fell 1.1 percent.
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 7.75
percent to $22.75 after the company cut its full-year profit
Baidu was down 4.84 percent at $175.70 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 6.71 percent to $6.40 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 1,561
to 1,295. On the Nasdaq, 1,598 issues fell and 1,138 advanced.
The S&P 500 index showed 32 new 52-week highs and one new
low, while the Nasdaq recorded 65 new highs and 46 new lows.
(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila and