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Intel ( INTC ) down after Q2 revenue warning

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Uber ( UBER ) falls on weak Q2 gross bookings forecast

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Indexes: S&P 500 up 0.08%, Nasdaq off 0.24%, Dow up 0.17%

(Updated at 11:18 am ET/1518 GMT)

By Sruthi Shankar and Shristi Achar A

May 8 (Reuters) - The benchmark S&P 500 was broadly

unchanged on Wednesday, pausing after a recent rally as

investors assessed the outlook for U.S. monetary policy, while

Uber's ( UBER ) shares dropped on a downbeat forecast.

Uber ( UBER ) shed nearly 9%, becoming the biggest decliner

on the S&P 500, after the ride-hailing platform forecast

second-quarter gross bookings below expectations and posted a

surprise first-quarter loss.

Tesla fell 1.5% after Reuters reported U.S.

prosecutors were examining whether the company committed

securities or wire fraud by misleading investors and consumers

about its electric vehicles' self-driving capabilities.

Other megacap stocks such as Nvidia ( NVDA ), Amazon ( AMZN )

and Alphabet slipped as the 10-year Treasury

yield edged up after five days of declines.

That dampened optimism spurred by a positive earnings season

and softer-than-expected labor market data that had tempered

concerns about the Federal Reserve keeping interest rates higher

for longer.

"We've had a lot of data that has come in soft,

unexpectedly, and that's fueled a bit of fire towards

potentially a September rate cut," said Alex McGrath, chief

investment officer for NorthEnd Private Wealth.

"The bigger question becomes what the Fed is going do

when the macro data starts to deteriorate and inflation is not

back to the target. Do they stick to their guns or do they ride

to the rescue and start cutting rates? That's kind of the pickle

we're looking at going into the summer months."

With the earnings season nearing an end and only a few

economic data reports expected this week, investors are awaiting

next week's consumer prices data to gauge if inflation is

cooling.

Traders are currently pricing in a 67% chance of the Fed

cutting rates by at least 25 basis points in September,

according to the CMEGroup's Fedwatch tool, up from about 54% a

week ago.

Investors will monitor comments from Fed speakers - Vice

Chair Philip Jefferson, Boston President Susan Collins and

Governor Lisa Cook during the day - for fresh clues on the U.S.

central bank's policy path.

By 11:18 a.m. ET, the Dow Jones Industrial Average

rose 65.48 points, or 0.17%, to 38,949.74 - on track for a sixth

consecutive day of gains.

The S&P 500 lost 4.28 points, or 0.08%, to 5,183.46,

threatening to break its longest winning streak since March,

while the Nasdaq Composite lost 38.46 points, or 0.24%,

to 16,294.10.

Intel ( INTC ) fell 2.9% after warning of a sales hit from

the U.S. revoking some of the chipmaker's export licenses for

China.

Tripadvisor ( TRIP ) tumbled 29% after the online travel

agency ruled out a possible sale at this time and posted a

surprise quarterly loss.

Uber ( UBER ) rival Lyft ( LYFT ) climbed 9.2% after projecting

higher-than-expected gross bookings and a core profit for the

current quarter.

Declining issues outnumbered advancers by a 1.48-to-1 ratio

on the NYSE and a 1.39-to-1 ratio on the Nasdaq.

The S&P 500 posted 25 new 52-week highs and two new lows

while the Nasdaq recorded 61 new highs and 67 new lows.

(Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru;

Editing by Shinjini Ganguli and Devika Syamnath)