US STOCKS-Wall St dips after solid start to March

Reuters

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    * Zoom's shares rise on positive outlook
    * Target gains on jump in holiday-quarter revenue
    * Indexes down: Dow 0.2%, S&P 0.30%, Nasdaq 0.60%

 (Updates to market open)
    By Shashank Nayar and Medha Singh
    March 2 (Reuters) - Wall Street's major averages dipped on
Tuesday after a strong start to March as investors closely
monitored the bond market as well as progress on the next round
of fiscal stimulus.
    The technology sector  .SPLRCT  weighed the most on the
benchmark S&P 500  .SPX . Healthcare  .SPXHC , materials
 .SPLRCM  and energy  .SPNY  stocks extended gains from the
previous session.
    The S&P 500 on Monday logged its best day since June as
markets cheered approval of a third COVID-19 vaccine in the
United States and the U.S. House of Representatives' green light
for a $1.9 trillion coronavirus relief package.
    The U.S. Senate will start debating President Joe Biden's
relief bill this week when Democrats aim to pass the legislation
through a maneuver known as "reconciliation," which would allow
the bill to pass with a simple majority.  urn:newsml:reuters.com:*:nL2N2KZ10A
    "Markets are reacting to the huge positive spike in the
previous session, while investors are wondering if good news is
bad news over concerns of higher inflation due to huge
government spending plans," said Robert Pavlik, senior portfolio
manager at Dakota Wealth in New York.
    At 9:49 a.m. ET, the Dow Jones Industrial Average  .DJI 
fell 57.30 points, or 0.18%, to 31,478.21, the S&P 500  .SPX 
lost 11.88 points, or 0.30%, to 3,889.94 and the Nasdaq
Composite  .IXIC  lost 81.49 points, or 0.60%, to 13,507.34.
    The U.S. bond market has stabilized since a selloff sent the
benchmark 10-year Treasury yield  US10YT=RR  to a one-year high
last week, but continue to remain elevated, sparking fears over
high valuations in the stock market and emerging as a
competitive alternative to equities.
    Later in the week, investors will focus on ISM's service
sector survey as well as the monthly U.S. jobs report to
ascertain the economic health.
    Zoom Video Communications Inc  ZM.O  jumped 3.2% after the
company forecast current-quarter revenue above estimates, as it
expects millions of people to continue using its
video-conferencing platform.  urn:newsml:reuters.com:*:nL3N2KZ4GH
    Target Corp  TGT.N  gained 3% after it reported a 21% jump
in holiday-quarter revenue, much higher than analysts'
estimates, as same-day delivery and store pick-up services
helped fulfill robust demand for home goods, toys and groceries
during the pandemic.  urn:newsml:reuters.com:*:nL3N2L02RN
    TV ratings provider Nielsen  NLSN.N  gained nearly 5% after
it sold its advanced video advertising business, which includes
automatic content recognition and dynamic ad insertion
technologies, to television streaming platform provider Roku
 ROKU.O .  urn:newsml:reuters.com:*:nFWN2KZ1XG
    Roku's shares dropped about 0.8%.
    Declining issues outnumbered advancers by a 1.3-to-1 ratio
on the NYSE and by a 1.4-to-1 ratio on the Nasdaq.
    The S&P 500 posted nine new 52-week highs and no new low,
while the Nasdaq recorded 98 new highs and 17 new lows.

 (Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)
 ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,
outside U.S. +91 80 6182 2802; Twitter: https://twitter.com/medhasinghs;))

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