* Walt Disney drops after results, weighs on Dow and S&P
* Allergan drops after reporting quarterly loss
* Indexes down: Dow 0.16 pct, S&P 0.07 pct, Nasdaq 0.23 pct
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
May 10 U.S. stocks slipped on Wednesday, weighed
down by a string of weak corporate earnings, while investors
turned cautious after President Donald Trump fired his FBI
Trump said he fired FBI Director James Comey, who had been
leading an investigation into his 2016 presidential campaign's
possible collusion with Russia, over his handling of an email
scandal involving then-Democratic presidential nominee Hillary
Analysts say the development could distract Trump from
pursuing his promises, including the highly anticipated reform
of the U.S. tax code.
"I think the market is probably going to work past the Comey
news unless it spirals into a bigger issue where it starts to
threaten the Trump agenda," Robert Pavlik, chief market
strategist at Boston Private Wealth.
Demand for safe-haven assets like gold, bonds and the
Japanese yen rose, while the dollar fell.
At 10:59 a.m. ET (1459 GMT), the Dow Jones Industrial
Average was down 34.4 points, or 0.16 percent, at
20,941.38, the S&P 500 was down 1.67 points, or 0.07
percent, at 2,395.25 and the Nasdaq Composite was down
14.35 points, or 0.23 percent, at 6,106.23.
Six of the 11 major S&P 500 sectors were lower, with
healthcare and consumer discretionary sectors
dropping the most. Energy was up 1.4 percent on the back
of higher oil prices.
Disney fell 2.5 percent and was the top drag on the
Dow and the S&P 500 after the media company reported
lower-than-expected quarterly revenue and a decline in the
number of ESPN subscribers.
Allergan dropped 3.2 percent to $230.75 after the
Botox-maker posted a quarterly loss as it took a write down on
the value of its stake in Teva Pharmaceutical.
Priceline tumbled 5 percent to $1,815 after the
travel website operator forecast current-quarter earnings below
One bright spot was Nvidia, which surged 14 percent
after the chipmaker reported a better-than-expected jump in
quarterly revenue. Shares of rival AMD also rose.
Advancing issues outnumbered decliners on the NYSE by 1,599
to 1,177. On the Nasdaq, 1,483 issues fell and 1,130 advanced.
The S&P 500 index showed 19 52-week highs and one low, while
the Nasdaq recorded 85 highs and 46 lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by