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Indexes down: Dow 0.48%, S&P 500 0.28%, Nasdaq 0.18%

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EPAM ( EPAM ) shares drop on cautious quarterly outlook forecast

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Deere jumps after raising FY profit forecast

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US weekly jobless claims fall more than expected

(Updates with afternoon trading levels)

By Twesha Dikshit and Shashwat Chauhan

Feb 19 (Reuters) - Wall Street's main indexes fell on

Thursday, with financials sliding amid a broad selloff ​in

private equity companies and weakness in some technology stocks,

though some earnings-driven ‌gains in industrials helped limit

losses.

Private equity companies slid after Blue Owl Capital's

decision to sell $1.4 billion in assets and freeze

redemptions at one of its funds to ⁠manage debt and return

capital.

Apollo Global Management ( APO ), Ares, KKR & Co ( KKR )

and Carlyle Group ( CG ) fell sharply, while Blue Owl

was down 9%.

Shares ⁠of Walmart ( WMT ) were also down marginally after new CEO,

John Furner, kicked off his ‌tenure with a conservative fiscal

2027 ‌forecast as well as a $30 billion buyback plan.

However, more than 12% gains in Deere & Co ( DE ) after the

farm-machinery maker raised its annual profit forecast and ​beat

first-quarter results estimates, helped curb losses.

Megacap and growth stocks were ‌mixed, though chip stocks

were under pressure with the Philadelphia SE Semiconductor Index

down 0.7%.

Broader AI-linked and megacap technology stocks are facing

turbulence amid concerns over high valuations and limited

evidence that significant investments in ​AI are driving revenue

and profit growth.

Sectors ranging from software ​to trucking have ‌also been hit

by concerns that rapidly improving AI tools could disrupt their

business models.

"All of a sudden (markets) discovered that AI is going to

have a big impact on the way businesses are being done ... it's

just ⁠an over-reaction," said Max Wasserman, founder and senior

portfolio manager at Miramar Capital.

At 11:41 a.m. ET, the Dow ⁠Jones Industrial Average

fell 236.36 points, or 0.48%, to 49,426.30, the S&P 500

lost 19.45 points, or 0.28%, to 6,861.86 and the Nasdaq

Composite lost 41.72 points, or 0.18%, to 22,711.92.

In earnings-related moves, ad giant Omnicom ( OMC ) jumped

13.1% after the company beat analysts' estimates for

fourth-quarter revenue, while Carvana dropped 8.2%

after the online used-car retailer missed fourth-quarter profit

estimates.

Software provider EPAM Systems ( EPAM ) plunged ⁠21.5% as ‌its

cautious first-quarter outlook disappointed investors.

The S&P 500 energy index was up 0.9% as crude ‌oil

prices rose on mounting fears of a military conflict between the

United States and Iran.

WHAT THE FED THINKS

Meanwhile, minutes from ⁠the U.S. Federal Reserve's most

recent policy meeting released on Wednesday showed policymakers

remained split about the policy path later this year.

Traders are currently pricing in the Fed to make its next

move in June, with a roughly 60% chance for a rate cut of at

least 25 basis points, according to CME's FedWatch Tool.

At least four central bank officials are scheduled to speak

during the day.

Investors are assessing Thursday's weekly jobless claims

data that pointed to a stabilizing labor market, and will

closely parse the Personal Consumption Expenditure report - the

Fed's ​preferred inflation gauge - which is due on Friday, for

hints on the Fed's rate outlook.

Declining issues outnumbered advancers by a 1.55-to-1 ratio

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

The S&P 500 posted 23 new 52-week highs ​and six new lows,

while the Nasdaq Composite recorded ‌42 new highs and 101 new

lows.

(Reporting by Shashwat Chauhan and Twesha Dikshit in ​Bengaluru;

Editing by Pooja Desai and Shinjini Ganguli)