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Warner Bros Discovery ( WBD ) gains on plans to split TV,

streaming

units

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Adobe drops after forecasting 2025 revenue below estimates

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Centene ( CNC ) rises after guiding 2025 profit above expectations

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Indexes down: Dow 0.04%, S&P 500 0.14%, Nasdaq 0.18%

(Updates with mid-session trading)

By Purvi Agarwal and Shashwat Chauhan

Dec 12 (Reuters) -

Wall Street's main indexes inched lower on Thursday after

the S&P 500 and the Nasdaq ended the previous session on a

positive note, while investors parsed through some of the last

economic datasets ahead of the Federal Reserve's meeting.

The Nasdaq soared past the 20,000 mark for the first time on

Wednesday as the technology rally showed no signs of a halt,

while the S&P 500 closed at its highest in nearly a week after

an in-line inflation reading locked in a 25 basis point cut by

the Fed at its Dec. 17-18 meeting.

Meanwhile, data showed U.S. producer prices rose more than

expected in November but a moderation in the costs of services

offered hope that the disinflationary trend remains in place,

while the number of Americans filing new applications for

unemployment benefits rose unexpectedly last week.

"I still think the expectation is for the Fed to cut rates

next week and so the market is looking past the numbers that

came out today," said Leslie Thompson, chief investment officer

at Spectrum Wealth Management.

Thompson also added that there was some profit-taking as

markets "came off of a strong day with the Nasdaq making

all-time highs yesterday."

Trader bets on the cut next week stand at over 98%,

according to CME's FedWatch Tool. However, they indicate

expectations of a pause in January after several Fed officials

last week urged caution over the pace of monetary policy easing

as the economy remained resilient.

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

fell 20.41 points, or 0.04%, to 44,128.72, the S&P 500

lost 8.74 points, or 0.14%, to 6,075.45 and the Nasdaq Composite

lost 35.53 points, or 0.18%, to 19,999.37.

Seven of the 11 major S&P sub-sectors were trading

lower, with the energy sector at the bottom with a 0.6%

decline.

Megacap and growth stocks were mixed, with Nvidia ( NVDA )

down 1.7%, while Microsoft ( MSFT ) gained 1.4%.

Adobe's 12.5% slide after the Photoshop maker

forecast fiscal 2025 revenue below Wall Street expectations also

added to the technology sector's losses.

Wall Street's main indexes have set new record highs

multiple times this year, thanks to a rally driven by

heavyweight tech stocks that have exploited the euphoria around

artificial intelligence and the Fed's interest rate cuts.

U.S. equities capped off a remarkable November after Donald

Trump's victory in the presidential election on the prospects of

business-friendly policies adding to corporate profits, and have

kicked off December on a broadly positive note.

Among significant movers, Warner Bros Discovery ( WBD )

jumped 14.2% after the media giant decided to separate its

declining cable TV business from the streaming and studio

operations.

Nordson ( NDSN ) lost 8% as the dispensing equipment maker

forecast fiscal 2025 revenue below Wall Street estimates, while

health insurer Centene ( CNC ) gained 1.2% after forecasting its

2025 profit above estimates.

Declining issues outnumbered advancers by a 1.88-to-1

ratio on the NYSE and by a 1.67-to-1 ratio on the Nasdaq.

The S&P 500 posted seven new 52-week highs and four new

lows, while the Nasdaq Composite recorded 54 new highs and 99

new lows.