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Wall Street edges lower as technology, energy stocks drag

Reuters 

By Sruthi Shankar

(Reuters) - Losses in technology and on Tuesday weakened Wall Street's strong opening gains following U.S. consumer price data that eased worries about rising

All the three main indexes were lower in mid-day trading, weighed down by a near 2 percent drop in shares of Microsoft, and

fell 0.3 percent as slipped to session low.

Earlier in the day, the markets took comfort from data that showed U.S. consumer price growth slowed in February, an indication that an anticipated pickup in probably will be only gradual.

"It certainly presents some more difficult questions for the central if they look to embark on a more aggressive rate hiking cycle next week," said Aaron Kohli, interest rate strategist, in

"How do they expect to get materially higher if they are already starting to see some signs of spotty weakness?"

At 12:07 a.m. ET, the was down 89.92 points, or 0.36 percent, at 25,088.69.

The was down 10.23 points, or 0.367586 percent, at 2,772.79 and the was down 55.86 points, or 0.74 percent, at 7,532.47.

yields fell in response to the data and that had ousted

Trump fired Tillerson after a series of public rifts over issues including and Russia, replacing his with loyalist CIA

"is new, it was last week, the market absorbs it and continues to go back to what's driving the financial markets and it's probably fears around inflation and tariffs that are influencing the markets," said Rich Guerrini, of in

The comes just a week after the departure of Trump's in the wake of a surprise turn towards new trade tariffs on and aluminum.

Trump also said he was considering "very strongly" to become his next top

Among stocks, fell about 4 percent after cut its price target on the stock to $11 from $14, saying the was not a "safety stock" in a volatile market.

Advancing issues outnumbered decliners on the NYSE for a 1.53-to-1 ratio and for a 1.27-to-1 ratio on the Nasdaq.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 21:47 IST
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