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Bank, energy stocks fall on slowdown worries

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Harris-Trump debate scheduled for 9 p.m. EDT

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Oracle jumps after Q1 results beat estimates

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Indexes: Dow off 0.23%, S&P 500 up 0.45%, Nasdaq up 0.84%

(Adds final closing prices, market details after close)

By Sinéad Carew and Shubham Batra

Sept 10 (Reuters) - Wall Street's benchmark S&P 500

index closed up 0.5% on Tuesday but concerns about slowing

economic growth stunted gains and the Dow dipped as bank stocks

sank after warnings of current-quarter weakness while energy

shares tumbled.

Energy was the biggest percentage decliner among the

benchmark's 11 industry indexes, losing 1.9%, as crude oil

futures fell after OPEC+ cut its 2024 and 2025 demand forecast.

Bank stocks fell broadly after Goldman Sachs ( GS ) CEO

David Solomon said late on Monday that trading revenue could

fall 10% this quarter. On Tuesday, JPMorgan Chase ( JPM )

tempered expectations about income from interest payments.

Also, the finance chief of smaller consumer lender Ally

Financial ( ALLY ) said credit challenges have intensified this

quarter, sending its shares down 17.6%.

The warnings from banks overshadowed an announcement by the

Federal Reserve's regulatory chief of a plan to significantly

ease an earlier proposal to raise big banks' capital.

"A lot of the action today is being driven by concern the

banks are lowering expectations for earnings for the current

quarter," said Lindsey Bell, chief strategist at 248 Ventures in

Charlotte, North Carolina. "The news from JPMorgan ( JPM ), Goldman

Sachs ( GS ) and Ally stole the show because they're saying that

fundamentally their business is slowing down."

Investors fretted over the economic implications of weaker

energy demand on top of uncertainty about the Fed's decision on

interest rates next week and its comment on the economy. In

addition, the U.S. presidential election looms on Nov. 5.

"We're getting these signs that economic growth across the

globe is slowing and it adds angst when we already have such

uncertainty here with the election cycle," Bell said, suggesting

that September and October could be weak months for stocks.

Election uncertainty was in focus ahead of Tuesday's

televised debate between Democratic presidential candidate

Kamala Harris and Republican candidate Donald Trump as the two

meet for the first time at 9 p.m. EDT (0100 GMT).

"Today, we're looking at three things: growth scares, low

volume and a presidential debate tonight," said John Augustine,

chief investment officer at Huntington National Bank.

But Augustine questioned investors' apparent extrapolation

of JPMorgan's ( JPM ) news "to the entire economy."

The Dow Jones Industrial Average fell 92.63 points,

or 0.23%, to 40,736.96, the S&P 500 gained 24.47 points,

or 0.45%, to 5,495.52 and the Nasdaq Composite gained

141.28 points, or 0.84%, to 17,025.88.

In the previous session, Wall Street's main indexes had

recorded gains of more than 1% as investors started the week

seeking bargains after last week's steep losses.

Investors will closely monitor the August consumer price

index inflation report on Wednesday and the producer prices

report on Thursday.

The S&P 500's financial industry index was the

benchmark's second-weakest sector and its biggest index point

drag on Tuesday with a 1% drop. Its biggest drags were JPMorgan

Chase ( JPM ), down 5.2%,and Goldman Sachs ( GS ), off 4.3%.

In other individual stocks, Hewlett Packard Enterprise ( HPE )

, the S&P 500's biggest decliner on Tuesday - fell 8.5%

after the server maker announced a $1.35 billion mandatory

convertible preferred stock offering to fund its acquisition of

Juniper Networks ( JNPR ).

However, Oracle shares rallied 11.4%, making it the

S&P 500's biggest gainer, after the software company beat

estimates for quarterly results.

Advancing issues outnumbered decliners by a 1.15-to-1 ratio

on the NYSE, which registered 390 new highs and 159 new lows.

On the Nasdaq, 2,130 stocks rose and 2,014 fell as advancing

issues outnumbered decliners by a 1.06-to-1 ratio. The S&P 500

posted 49 new 52-week highs and 13 new lows while the Nasdaq

Composite recorded 48 new highs and 156 new lows.

On U.S. exchanges 10.75 billion shares changed hands,

roughly in line with the moving average for the last 20

sessions.