US STOCKS-Wall St drops on report trade deal may not be completed this year

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* China condemns U.S. bill on Hong Kong rights
* Trade-sensitive technology, industrial shares drop
* Indexes fall: Dow 0.90%, S&P 0.88%, Nasdaq 1.13%

(Updates to early afternoon)
By Arjun Panchadar
Nov 20 (Reuters) - Wall Street's main indexes fell about 1%
on Wednesday after a report said a "phase one" trade deal
between Washington and Beijing may not be completed this year.
Completion of an initial trade deal could slide into next
year, Reuters reported, citing trade experts and people close to
the White House, as Beijing presses for more extensive tariff
rollbacks, and the Trump administration counters with heightened
demands of its own. "The markets were certainly pricing in a completion of the
deal by the end of this year," said Art Hogan, chief market
strategist at National Securities in New York.
"The market is now trying to ascertain how long will it take
for both sides to agree to a truce."
The world's top two economies came tantalizingly close to a
deal in May after a year of tariffs on each other's goods,
before talks fell apart. Earlier a U.S. Senate measure aimed at protecting human
rights in Hong Kong amid prolonged protests had escalated
tensions with China and pressured the market. Expectations of a trade deal, coupled with a fairly strong
third-quarter earnings season, have helped Wall Street's main
indexes scale record highs this month.
Reports from Target Corp TGT.N and Lowe's Cos Inc LOW.N
were bright spots on Wednesday, with their shares jumping 12.3%
and 3.4%, respectively, after the two companies raised their
profit forecasts. The declines were broad-based, with nine of the 11 major S&P
500 sectors lower. The trade-sensitive technology sector's
.SPLRCT dropped 1.3%, the biggest drag on the benchmark index.
The Philadelphia Semiconductor index .SOX slid 1.75%.
The interest-rate sensitive financial index .SPSY fell 1%
as safety buying pressured the benchmark U.S. 10-year Treasury
yield further.
Focus now turns to the release of minutes from the Federal
Reserve's October policy meeting later in the day. The central
bank cut interest rates for the third time this year at the
meeting, but signaled it may be done with the easing for now.
At 01:21 p.m. ET the Dow Jones Industrial Average .DJI was
down 251.18 points, or 0.90%, at 27,682.84, the S&P 500 .SPX
was down 27.47 points, or 0.88%, at 3,092.71 and the Nasdaq
Composite .IXIC was down 97.01 points, or 1.13%, at 8,473.65.
Among other stocks, apparel retailer Urban Outfitters Inc
URBN.O slumped 16% after missing quarterly sales estimates on
weaker demand for its namesake brand. Declining issues outnumbered advancers for a 1.86-to-1 ratio
on the NYSE and for a 1.89-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and three new
lows, while the Nasdaq recorded 85 new highs and 77 new lows.