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Chip stocks extend losses

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Boeing ( BA ) down as justice dept probes MAX blowout

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Equitrans Midstream ( ETRN ) up as EQT to buy back firm

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Indexes down: Dow 0.36%, S&P 0.38%, Nasdaq 0.33%

(Updated at 11:16 a.m. ET/ 1516 GMT)

By Bansari Mayur Kamdar and Shashwat Chauhan

March 11 (Reuters) - Wall Street's main stock indexes

slipped on Monday, as investors awaited key inflation data this

week that could offer clues about the U.S. Federal Reserve's

monetary policy path following last week's mixed jobs report.

All three major U.S. stock indexes had ended the week lower

on Friday, with the S&P 500 and the Nasdaq coming off record

highs as high-flying chip stocks fell and a labor market report

showed more new jobs than expected, while the unemployment rate

rose unexpectedly.

The mixed report bolstered bets of the Fed cutting interest

rates in June. Friday's data even prompted some traders to bet

on a May rate cut.

This week's February data, including consumer prices

(CPI), will provide more cues on whether inflation has eased

enough for policymakers to lower borrowing costs in the coming

months.

"The markets are realizing that we are a bit vulnerable to a

correction catalyst," said Sam Stovall, chief investment

strategist at CFRA Research, adding that people are booking the

profits they can before the CPI numbers.

"The core (inflation) we still see coming down, which

would be a positive... the markets could actually be favorably

surprised tomorrow."

Sticky inflation data for January and signs of a robust

economy halted the AI-led rally last month, leading traders to

push back bets on the timing of the first interest-rate cut to

June from March.

Federal Reserve officials are in a media blackout ahead of

their latest rate-setting meeting next week.

At 11:16 a.m. ET, the Dow Jones Industrial Average

was down 137.47 points, or 0.36%, at 38,585.22, the S&P 500

was down 19.31 points, or 0.38%, at 5,104.38, and the

Nasdaq Composite was down 53.22 points, or 0.33%, at

16,031.89.

Industrial stocks led losses across the major S&P

500 sectors, while rate-sensitive tech stocks fell

0.4%.

Meta Platforms ( META ) shed 4%, leading losses among

megacap growth and technology peers.

AI-darling Nvidia ( NVDA ) slipped 0.4% in volatile trading,

following a 5.5% drop on Friday.

Chip peers Advanced Micro Devices ( AMD ) and Broadcom ( AVGO )

slid close to 3% each, while the Philadelphia

Semiconductor Index lost 1.5%.

Boeing ( BA ) fell 3.6% after Alaska Airlines said

on Saturday it was cooperating with the U.S. Department of

Justice in a criminal investigation into a Boeing 737 MAX

blowout on one of its flights in January.

Some cryptocurrency and blockchain-related firms, such as

Coinbase Global ( COIN ) and Microstrategy, climbed

4.3% and 11.9%, respectively, as bitcoin hit a fresh

record high.

Equitrans Midstream ( ETRN ) added 2.6% after EQT Corp ( EQT )

said on Monday it had decided to buy back its former

unit in an all-stock deal. EQT shares slid 7.8%.

Drugmaker Eli Lilly fell 4.1%, extending its losses

from Friday and weighing on the healthcare sector.

The 2024 U.S. presidential election is also coming into

focus, with investors bracing for a likely rematch between

President Joe Biden and former President Donald Trump.

Declining issues outnumbered advancers for a 1.60-to-1 ratio

on the NYSE and a 1.44-to-1 ratio on the Nasdaq.

The S&P index recorded 12 new 52-week highs and no new lows,

while the Nasdaq recorded 41 new highs and 46 new lows.