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Paramount Global ( PARAA ) slips after Bronfman abandons bid

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Super Micro falls as Hindenburg discloses short position

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Indexes off: Dow 0.04%, S&P 0.08%, Nasdaq 0.29%

(Updated at 9:54 a.m. ET/1354 GMT)

By Johann M Cherian and Purvi Agarwal

Aug 27 (Reuters) - Wall Street's main indexes were lower

on Tuesday, weighed down by tech-related stocks, as caution

prevailed ahead of a highly anticipated earnings report from

Nvidia ( NVDA ) and crucial economic data expected later in the week.

The benchmark S&P 500 and the Nasdaq dropped

for the second straight day, after last week's rally, as

investors sold tech-related stocks and shifted their focus to

the upcoming earnings report from AI chip firm Nvidia ( NVDA ).

Nvidia's ( NVDA ) shares, which led a recent bull-market rally, were

down marginally ahead of the company's results on Wednesday,

where it is likely to report quarterly revenue that more than

doubled and even a slight miss could hurt shares.

"I don't think Nvidia ( NVDA ) will disappoint in this quarter. There

may be some delays in the roll-out of the latest product, but

they don't have a problem with demand for their products," Art

Hogan, chief market strategist at B Riley Wealth, said.

Other chip stocks such as Broadcom ( AVGO ) fell 0.8%, while

Micron lost 1.3%, sending the Philadelphia SE

Semiconductor index down 0.5%.

At 9:54 a.m. ET, the Dow Jones Industrial Average was

down 18.23 points, or 0.04%, at 41,222.29, the S&P 500 was down

4.72 points, or 0.08%, at 5,612.12, and the Nasdaq Composite was

down 52.09 points, or 0.29%, at 17,673.67.

Tech stocks were down 0.2% and among the biggest

sectoral decliners, while Amazon.com ( AMZN ) fell 1.4% and

weighed on consumer discretionary shares.

The blue-chip Dow closed at a record high in the previous

session, for the first time in more than a month, on optimism

about lower borrowing costs starting next month following U.S.

Federal Reserve Chair Jerome Powell's endorsement last week.

Traders are now betting on either a 25-basis point or a

50-basis point interest rate cut in September. Odds of the

former stand at a higher 71.5%, while those of a 50-bps cut are

at 28.5%, according to CME Group's Fed Watch tool.

Analysts say the next major catalyst will most likely be the

July Personal Consumption Expenditure data due on Friday.

Meanwhile, UBS Global Wealth Management raised the odds of a

U.S. recession to 25% from 20%, citing revised estimates of job

growth and the recent July labor report that showed softness in

the factors determining workers' income.

Paramount Global ( PARAA ) slid 5.8% after media veteran

Edgar Bronfman Jr. withdrew from the race for the company,

clearing the way for Skydance Media to take control of Shari

Redstone's media empire.

Tesla extended declines from the previous session

and fell 1.2% after Canada said it will impose a 100% tariff on

the import of Chinese EVs. The duties apply to all EVs shipped

from China, which would include those made by Tesla.

Super Micro Computer ( SMCI ) lost 4.8% after short seller

Hindenburg Research said it had a short position in the server

maker.

Declining issues outnumbered advancers for a 2.37-to-1 ratio

on the NYSE and a 2.50-to-1 ratio on the Nasdaq.

The S&P index recorded 24 new 52-week highs and no new low,

while the Nasdaq recorded 19 new highs and 22 new lows.