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Wall Street slips as technology stocks lag

Reuters 

By Sruthi Shankar

(Reuters) - Losses in weighed on Wall Street's main indexes on Tuesday as investors booked profits following the recent strong run and uncertainty in after another high-profile exit from the

Shares of , and fell more than 1 percent and were top losers on the 500 and the

<.SPLRCT> have rallied 11 percent this year, the most among major 11 sectors.

U.S. fired after a series of public rifts over issues including and

Tillerson's exit comes just a week after the departure of chief in the wake of a surprise turn toward new trade tariffs on and aluminium.

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

"Technology rallied hard yesterday and last week, and there is profit-taking, but it's just a short-term pressure," said Ken Polcari, of the floor division at in

"There's a lot of noise coming out of over all these changes that's causing the markets to really not focus."

The markets opened higher after data showed U.S. consumer price growth slowed in February, an indication that an anticipated pickup in inflation probably will be only gradual.

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

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

At 12:45 p.m. ET, the <.DJI> was down 25.78 points, or 0.1 percent, at 25,152.83, the 500 <.SPX> was down 6.01 points, or 0.22 percent, at 2,777.01 and the Composite <.IXIC> was down 44.76 points, or 0.59 percent, at 7,543.57.

yields fell in response to the data and Tillerson's exit.

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.

Declining issues outnumbered advancers on the by 1,462 to 1,349. On the Nasdaq, 1,634 issues fell and 1,176 advanced.

(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: Wed, March 14 2018. 02:29 IST
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