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Cybersecurity stocks rise after outage

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Intuitive hits record high after quarterly results beat

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Travelers Companies ( TRV ) weighs on Dow

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Indexes down: Dow 0.90%, S&P 0.42%, Nasdaq 0.41%

(Updated at 11:58 a.m. ET/1558 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

July 19 (Reuters) - Wall Street's main indexes slipped

on Friday, deepening a sell-off driven by tech stocks and mixed

earnings, while investors assessed the impact of a global cyber

outage that knocked down CrowdStrike's ( CRWD ) shares.

Cybersecurity firm CrowdStrike ( CRWD ) slumped 9.3% after

an update to one of its products appeared to trigger an outage

that affected customers using Microsoft's ( MSFT ) Windows

Operating System, disrupting businesses across sectors.

Microsoft ( MSFT ) slipped 0.5%, on track for its worst week in

three months after a rout in tech stocks.

Major U.S. airlines ordered ground stops citing

communication issues. On the trading front, the Euronext

exchange and the London Stock Exchange Group's ( LDNXF )

Workspace news and data platform reported issues, and the FTSE

Russell faced disruptions to data.

LSEG later said its data and services were back online,

while the New York Stock Exchange and Nasdaq said markets were

operational and working normally.

The disruption comes after two grueling sessions for Wall

Street, as investors assessed second-quarter earnings and a move

away from megacaps that have primarily driven the equity rally

in 2024.

Megacaps were largely mixed on Friday, with Nvidia ( NVDA )

losing 1.1%, while Alphabet gained 0.7%.

Chip stocks slipped, with U.S.-listed shares of Taiwan

Semiconductor Manufacturing down 2.6% and Intel ( INTC )

dropping 4.9%. The Philadelphia SE Semiconductor Index fell 2%.

Both the Nasdaq and the S&P 500 were on track for their

worst week since April.

A softer-than-expected inflation print earlier in July and

increasing expectations that Donald Trump could win the U.S.

Presidential elections were the catalysts that sparked a broad

move away from heavily weighted technology stocks, said Jake

Manoukian, Head of U.S. Investment Strategy at J.P. Morgan

Private Bank.

"When you had such stretched positioning in tech with

those powerful catalysts, that's why you've seen such a historic

rotation (to small cap stocks)."

Signaling investor unease, the VIX - Wall

Street's "fear gauge" - was trading at its highest since late

April.

Elsewhere, Federal Reserve Bank of New York President John

Williams reiterated the Fed remains committed to achieving its

2% inflation target. Comments from the Fed's Raphael Bostic are

due later in the day.

Markets have priced in a 25-basis-point interest-rate cut by

September and expect two cuts by year-end according to LSEG

data.

At 11:58 a.m. ET, the Dow Jones Industrial Average

was down 364.88 points, or 0.90%, at 40,300.14, the S&P 500

was down 23.29 points, or 0.42%, at 5,521.30, and the

Nasdaq Composite was down 73.47 points, or 0.41%, at

17,797.76.

Meanwhile, other cybersecurity shares rose, with Palo Alto

Networks ( PANW ) rising 1.7%, and SentinelOne ( S ) up 4.9%.

Intuitive Surgical ( ISRG ) rose 8.4% after a second-quarter

results beat.

Netflix ( NFLX ) slipped 0.7% in choppy trading after the

streaming giant cautioned third-quarter subscriber additions

would be lower than a year earlier.

Oilfield services provider SLB rose 4.9% after

results, while insurance bellwether Travelers Companies ( TRV )

lost 6.8%, the biggest Dow decliner, after missing estimates for

second-quarter revenue.

S&P 500 companies that have reported second-quarter

earnings to date recorded an 85% beat rate.

Declining issues outnumbered advancers for a 2.20-to-1

ratio on the NYSE and for a 1.66-to-1 ratio on the Nasdaq.

The S&P index recorded 27 new 52-week highs and 4 new lows,

while the Nasdaq recorded 33 new highs and 66 new lows.