Wall St slips as dour earnings, chip stocks weigh
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United Airlines gains on upbeat Q2 profit forecast
Travelers falls after Q1 profit miss
Indexes down: Dow 0.37%, S&P 0.41%, Nasdaq 0.59%
Updated at 11:30 a.m. ET/ 1530 GMT
By Shashwat Chauhan and Shristi Achar A
April 17 (Reuters) - Wall Street's main indexes fell in choppy trading on Wednesday with chip stocks among the top losers, while downbeat earnings reports from some industry majors, including insurerTravelers, added to the losses.
All three indexes pared initial gains as chip stocks were pressured, with the Philadelphia Semiconductor Index .SOX dipping1.7%. AI giant Nvidia NVDA.O lost1.7%.
Weighing on the Dow, Travelers TRV.N dropped 8.2% after the insurance giant missed Wall Street expectations for first-quarter profit.
JB Hunt Transport Services JBHT.O shed 8.3% after the trucking firm missed Wall Street estimates for first-quarter results.
U.S. Bancorp USB.N dropped 5.3% after the lender cut its forecast for full-year interest income and reported a 22% fall in first-quarter profit.
Abbott Laboratories ABT.N fell4% as investors signaled disappointment over its annual forecast.
Warehouse-focused real estate investment trust Prologis PLD.Neased 6% after lowering its full-year forecast for core funds from operations.
The risk sentiment remained fragile after topU.S. central bank officials including Fed Chair Jerome Powell refrained from providing any guidance on when interest rates may be cut. On Tuesday, they said monetary policy needed to be restrictive for longer, dashing investors' hopes for meaningful reductions in borrowing costs this year.
"At this point, the market can handle these (high) rates. It had a little bit of a hiccup and the scare was also combined with the geopolitical problems that we've had in the Middle East," said Joe Saluzzi, partner, co-founder and co-head of equity trading at Themis Trading.
"You put those two together (and you have) a good recipe for a sell-off."
Fed Board Governor Michelle Bowman and Cleveland Fed President Loretta Mester are scheduled to speak later in the day.
Money market participants see an around 43% chance that theFed could begin its easing cycle in July, according to the CME FedWatch tool.
Government bond yields eased from the multi-month highs scaled in the previous session, with the 10-year note US10YT=RR last at 4.6181%.
On the bright side,United Airlines UAL.O gained 12.4% after it forecaststronger-than-expected numbers inthe current quarter.
Other airline stocks, such as American Airlines AAL.O, Delta Air Lines DAL.N and Southwest Airlines LUV.N, added between 1.5% and 3.2%.
At 11:30 a.m. ET, the Dow Jones Industrial Average .DJI was down 139.48 points, or 0.37%, at 37,659.49, the S&P 500 .SPX was down 20.54 points, or 0.41%, at 5,030.87, and the Nasdaq Composite .IXIC was down 93.75 points, or 0.59%, at 15,771.51.
Eight of the 11 major S&P 500 sectors were trading lower, with information technology .SPLRCT and real estate .SPLRCR being some of the worst hit.
Among other stocks, Mobileye MBLY.O advanced 3.3% after Reuters reported the Israeli automotive tech company was set to ship at least 46 million new assisted-driving chips.
Eli Lilly LLY.N gained 0.9% after its weight-loss drug helped reduce episodes of irregular breathing in patients with obstructive sleep apnea across two late-stage trials.
Advancing issues outnumbered decliners by a 1.20-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.21-to-1 ratio on the Nasdaq.
The S&P index recorded two new 52-week highs and seven new lows, while the Nasdaq recorded 14 new highs and 139 new lows.
Reporting by Shashwat Chauhan and Shristi Achar A in Bengaluru; Editing by Pooja Desai
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