US STOCKS-Wall St dips, still headed for second straight weekly rise

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<br>By Medha Singh and Shivani Kumaresan<br> <br>Feb 12 (Reuters) – Wall Street’s main indexes eased on Friday ahead of a long weekend, as investors digested recent gains driven by stimulus bets and accelerated vaccine roll outs.<br> <br>Heavyweights Apple Inc, Tesla Inc and Amazon.com Inc were among the major drags on the S&P 500 and kontol gede the Nasdaq.<br> <br>Large-cap growth stocks underperformed value stocks as investors favored names likely to benefit from a reopened economy.<br> <br>Still, all three major U.S.

stock indexes were on course for their second straight weekly rise, as a sharp drop in new COVID-19 cases and hospitalizations also buoyed hopes of life eventually returning to normal.<br> <br>The Lipper data late on Thursday showed U.S.-based stock funds attracted $22.9 billion in the week to Wednesday, the largest weekly inflow since March 2008.<br> <br>U.S.

stock markets will be closed on Monday on account of George Washington’s Birthday.<br> <br>”There seems to be a pause in the negotiations for the stimulus so that kind of takes a lot of air out of the room,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.<br> <br>”It’s going to be a long weekend and … there is just less interest in buying more.”<br> <br>U.S.

President Joe Biden will meet with a bipartisan group of mayors and governors on Friday as he continues to push for approval of a $1.9 trillion coronavirus relief plan.<br> <br>A Reuters poll showed the U.S. economy is expected to reach pre-COVID-19 levels within a year as the proposed $1.9 trillion fiscal package helps boost economic activity, but it’s likely to take over a year for unemployment to fall to early 2020 levels.<br> <br>Latest data showed U.S.

consumer sentiment unexpectedly fell in early February as households remained worried about the economy, despite expectations for additional fiscal stimulus.<br> <br>With the markets near historic highs, many analysts have cautioned of a near-term pullback, with new coronavirus variants and bumps in vaccine distribution posing as threats.<br> <br>At 10:10 a.m.
ET, the Dow Jones Industrial Average fell 36.68 points, or 0.12%, to 31,394.36, the S&P 500 lost 1.23 points, or 0.03%, to 3,915.15 and the Nasdaq Composite lost 19.47 points, or 0.14%, to 14,006.31.<br> <br>Economy-linked bank stocks jumped about 1.5%, while energy, materials and industrials also advanced.<br> <br>Largely upbeat earnings update have also supported market sentiment.

About 82% of 355 S&P 500 firms have topped analysts’ estimated for fourth-quarter profit, well above the average beat rate of 76% over the past four quarters, per Refinitiv data.<br> <br>Walt Disney Co reported a surprise quarterly profit. However, its shares fell 1.5%.
after a more than 13% run up to its results over the last two weeks.<br> <br>PayPal Holdings Inc rose about 3% as several brokerages raised price targets on the stock a day after the payments company’s investor day call.<br> <br>Dating app operator Bumble Inc gained 13%, a day after a stellar debut sent its shares up more than 75%.<br> <br>Declining issues outnumbered advancers by a 1.1-to-1 ratio on the NYSE matched them on the Nasdaq.<br> <br>The S&P 500 posted 34 new 52-week highs and no new low, while the Nasdaq recorded 180 new highs and 14 new lows.

(Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)<br>

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