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Boeing ( BA ) dips on warning of wider-than-expected Q4 loss

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Verizon rises on upbeat Q4 subscriber additions

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American Express ( AXP ) falls after Q4 results

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US business activity at nine-month low in January

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Indexes off: Dow 0.32%, S&P 500 0.29%, Nasdaq 0.50%

(Updates closing details)

By Sinéad Carew and Johann M Cherian

Jan 24 (Reuters) - Wall Street's main indexes closed

lower on Friday as investors stepped back while they digested a

mixed bag of economic data and earnings reports and prepared for

a week filled with economic releases and a Federal Reserve

meeting.

The technology sector was the biggest drag on the

market as megacap stocks, including artificial intelligence chip

leader Nvidia ( NVDA ), reversed a sharp rally earlier in the

week.

The housing market data was hotter than expected, while an

S&P Global survey showed business activity slowing to a

nine-month low in January as prices rose. However, firms

reported increased hiring, supporting the Federal Reserve's

cautious approach to monetary policy this year.

The University of Michigan's final estimate on consumer

sentiment dropped to 71.1 from a previous estimate of 73.2.

At the end of a relatively light week for data, traders were

betting the Fed would keep borrowing costs unchanged at its Jan.

28-29 meeting and expect its first rate cut in June, the latest

data from CME Group's FedWatch tool showed.

"It really boils down to some mixed economics and earnings

news," said Scott Helfstein, head of investment strategy at ETF

company Global X.

Investors are bracing for next week's slew of key inflation

and economic growth data as well as the Fed meeting, while

waiting for policy updates from the Trump administration.

"There is anticipation of a really big news week ahead. And

there is lingering policy uncertainty with the new

administration's first week on the job, which is likely to

persist for the next few weeks," he said.

Investors worry that U.S. President Donald Trump's proposed

tariffs could exacerbate inflationary pressures and slow Fed

rate cuts, after he referred to trade policy multiple times this

week without providing concrete details of his plans.

Trump has said tariffs on Mexico, Canada, China and the

European Union could be announced on Feb. 1, but analysts say

major plans could be announced on April 1.

The Dow Jones Industrial Average fell 140.82 points,

or 0.32%, to 44,424.25, the S&P 500 lost 17.47 points, or

0.29%, to 6,101.24 and the Nasdaq Composite lost 99.38

points, or 0.50%, to 19,954.30.

The indexes advanced for the second week in a row, with the

S&P 500 up 1.74%, while the Nasdaq rose 1.65% and the Dow

climbed 2.15%.

Six of the 11 S&P 500 industry sectors rose, with

communications services up 1.09% to lead gains, just

ahead of utilities, which rose 1.07%.

Utilities' biggest advancer, NextEra Energy Inc ( NEE/PN ),

rose about 5.2% and was also the S&P 500's biggest gainer on the

day.

The benchmark S&P 500 had ended Thursday with a

record closing high for the first time since early December

after Trump called for taxes, oil prices and interest rates to

be lowered during his first international appearance this term

at the World Economic Forum in Davos, Switzerland.

On Wednesday the market had been bolstered by a sharp rally

in technology stocks.

But on Friday tech was the weakest sector, with a 7.2%

tumble in shares of chip maker Texas Instruments ( TXN ), which

forecast a first-quarter profit below Street estimates as it

grapples with an inventory buildup in its key automotive and

industrial markets.

The S&P 500's biggest drag was Nvidia ( NVDA ), which lost 3.1%.

Other heavyweight laggards were Microsoft ( MSFT ), down 0.6%

and Tesla, which fell 1.4%.

In other sectors, American Express ( AXP ) reported a 12%

jump in fourth-quarter profit but its shares fell 1.4% to weigh

on the blue-chip Dow.

Also dragging on the Dow was Boeing ( BA ), which lost 1.4%

after the planemaker warned of a fourth-quarter loss of about $4

billion. Boeing ( BA ) is due to report results on Tuesday.

Verizon shares rose 0.9% after the cellphone service

provider reported higher-than-expected quarterly subscriber

additions.

Advancing issues outnumbered decliners by a 1.45-to-1 ratio

on the NYSE where there were 249 new highs and 32 new lows.

On the Nasdaq, 2,242 stocks rose and 2,140 fell as

advancing issues outnumbered decliners by a 1.05-to-1 ratio. The

S&P 500 posted 20 new 52-week highs and two new lows while the

Nasdaq Composite recorded 79 new highs and 64 new lows.

On U.S. exchanges 14.02 billion shares changed hands

compared with the 14.90 billion average for the last 20

sessions.