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

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Crypto stocks advance as bitcoin hits all-time high

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Indexes off: Dow 0.20%, S&P 0.19%, Nasdaq 0.14%

(Updated at 9:39 a.m. ET/ 1339 GMT)

By Bansari Mayur Kamdar and Shashwat Chauhan

March 11 (Reuters) -

Wall Street's main stock indexes dipped on Monday, as

investors awaited key inflation data this week that could

provide cues on the U.S. Federal Reserve's monetary policy path

after a mixed jobs report last week.

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

on Friday, with the S&P 500 and 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 offer more clues on whether inflation has eased

enough for policymakers to lower borrowing costs in the coming

months.

"I would expect a hotter number to drive the market down

unnecessarily," said Peter Andersen, founder of Andersen Capital

Management in Boston.

"Though there is still a narrative that the Fed will cut

rates as soon as possible."

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 9:39 a.m. ET, the Dow Jones Industrial Average

was down 75.72 points, or 0.20%, at 38,646.97, the S&P 500

was down 9.74 points, or 0.19%, at 5,113.95, and the

Nasdaq Composite was down 21.81 points, or 0.14%, at

16,063.31.

Information technology led losses across the

major S&P 500 sectors, down 0.4%, while communication services

fell 0.2%.

Megacap stocks such as Microsoft ( MSFT ) and Amazon.com ( AMZN )

eased 0.8% and 1.0%, respectively, and were among the

biggest weights on the S&P 500.

AI-darling Nvidia ( NVDA ) fell 0.7% in volatile trading

following a 5.5% drop on Friday, as chip stocks lost some

momentum.

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

slid close to 2% each, while the Philadelphia

Semiconductor Index lost 1.3% after touching record highs

last week.

Boeing ( BA ) fell 2.2% 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.

Cryptocurrency and blockchain-related firms, including

Coinbase Global ( COIN ), Riot Platforms ( RIOT ) and Marathon

Digital ( MARA ), climbed between 2.7% and 2.9%, as bitcoin

hit a fresh record high.

Equitrans Midstream ( ETRN ) rose 1.8% after EQT Corp ( EQT )

said on Monday it had decided to buy back its former

unit in an all-stock deal. EQT shares slid 9.8%.

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 1.08-to-1 ratio

on the NYSE. Advancing issues outnumbered decliners by a

1.11-to-1 ratio on the Nasdaq.

The S&P index recorded nine new 52-week highs and no new

lows, while the Nasdaq recorded 26 new highs and 22 new lows.