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* Twitter, Under Armour, Lyft jump after results
* Cicso drops after fifth straight decline in qtrly revenue
* Powell's address begins at 2 p.m. ET
* U.S. consumer prices increase steadily in Jan
* Indexes down: Dow 0.48%, S&P 0.64%, Nasdaq 1.03%
(Adds comment, details; updates prices)
By Devik Jain and Medha Singh
Feb 10 (Reuters) - Wall Street's main indexes slipped from
record levels on Wednesday as investors digested recent gains
while awaiting a speech by Federal Reserve Chair Jerome Powell
for clues on the pace of an economic rebound.
Tesla Inc's TSLA.O 4.2% slide and Amazon.com Inc's
AMZN.O 1.1% drop weighed the most on the S&P 500 and the
Nasdaq. Shares of both the companies pulled the consumer
discretionary index .SPLRCD down 1.3%.
Bets on more fiscal aid and swift vaccine distribution have
powered the main U.S. stock indexes to a series of all-time
peaks recently.
Wall Street's fear gauge .VIX spiked to a one-week high of
23.85 points.
"The markets been very speculative with particularly
high-risk stocks trading up very quickly. And when you get that
type of move, you're always going to get a little bit of a need
for those investors to get out quickly if they see it turn,"
said Rick Meckler, a partner at Cherry Lane Investments in New
Vernon, New Jersey.
"We probably should expect a few downdrafts even without any
news whatsoever."
At 10:44 a.m. ET, the Dow Jones Industrial Average .DJI
fell 149.21 points, or 0.48%, to 31,226.62, the S&P 500 .SPX
lost 25.08 points, or 0.64%, to 3,886.15 and the Nasdaq
Composite .IXIC lost 144.86 points, or 1.03%, to 13,862.84.
Data on Wednesday showed U.S. consumer prices rose
moderately in January but underlying inflation remained benign
as the COVID-19 pandemic continues to be a drag on the labor
market and services industry. The Fed has signaled it would tolerate higher prices "for
some time" as the economy climbs out of a coronavirus-driven
recession. Powell will be speaking about the state of the U.S.
labor market in a webinar at 2 p.m. ET (1900 GMT) on Wednesday.
"Everyone expects inflation to rise but no one knows how
quickly the Fed will react given what the central bank has
signaled," said Arian Vojdani, investment strategist at MV
Financial in Bethesda, Maryland.
President Joe Biden on Tuesday agreed to a proposal by
Democratic lawmakers to limit or phase out stimulus payments to
higher-income individuals as part of his administration's $1.9
trillion coronavirus relief bill. Fourth-quarter earnings have also exceeded expectations with
analysts now predicting earnings for S&P 500 firms will rise
2.5%, a stark reversal from the 10.3% decline forecast at the
beginning of the year, per Refinitiv.
Twitter Inc TWTR.N added about 13.6% after it forecast a
strong start to 2021 as ad spending rebounds from a rock bottom.
Under Armour Inc UA.N UAA.N advanced more than 9% after
the athletic apparel maker beat quarterly revenue estimates.
Lyft Inc LYFT.O jumped 8% after the ride-hailing firm said
it is chopping costs and now expects to be profitable in the
third quarter. Rival Uber Technologies Inc UBER.N gained 4% ahead of its
results, while Walt Disney Co DIS.N , also set to report after
markets close, rose 1.2%.
Declining issues outnumbered advancers by a 1.3-to-1 ratio
on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.
The S&P 500 posted 42 new 52-week highs and no new lows,
while the Nasdaq recorded 545 new highs and 18 new lows.