S&P 500, Nasdaq slip on weak earnings forecasts, inflation data focus
Updates prices throughout, adds quote in paragraph 4, adds NEW YORK dateline
Skyworks, Paypal drop on downbeat forecasts
Novovax surges on layoff plans
Indexes: Dow flat, S&P 500 down 0.2%, Nasdaq down 0.4%
By Shreyashi Sanyal, Shristi Achar A and Caroline Valetkevitch
NEW YORK, May 9 (Reuters) - Major U.S. stock indexes were mostly loweron Tuesday afternoon as investors grew more cautious ahead of the U.S. consumer price index report, while disappointing forecasts from companies such as PayPal and Apple supplier Skyworks weighed on the mood.
Shares of PayPal Holdings PYPL.O dropped 11.8%% and pressured the benchmarkS&P 500 after the company cut its margin forecast. The stock was alsoamong the top drags on the Nasdaq.
Skyworks Solutions Inc SWKS.O shares slid 6% after the companyforecast current-quarter revenue and earnings below estimates.
"Companies have generally been beating earnings expectations, but earnings season is always choppy, and today we have some weaker results. That's weighing a bit on the market," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
Talks over the U.S. debt ceiling were adding to caution in the market, he said.
Shares of other Apple suppliers including Qualcomm QCOM.O, Broadcom AVGO.O, Qorvo QRVO.O and Corning GLW.N were also lower. The Philadelphia SE Semiconductor Index .SOX was down 1.8%.
Investors are anxiously awaitingthe Labor Department's consumer price index (CPI) report on Wednesday, and will look for clues on whether inflation is continuing to ease.
Market participants have been trying to gauge how much longer the Federal Reserve will need to raise interest rates to bring down inflation.
Reports on producer prices, weekly jobless claims and consumer sentiment are also lined up for the week.
Credit conditions for U.S. businesses and households continued tightening in the first months of the year, according to a Fed survey, marking the accumulating impact of Fed monetary tightening.
Investors were also waiting for anupdate on plans forthe debt ceiling from a meeting between U.S. President Joe Biden, Republican House Speaker Kevin McCarthy and other congressional leaders at the White House later in the day.
Worries of a potential government default loom over Washington as early as June 1, if Congress does not act to resolve the deadlock.
The Dow Jones Industrial Average .DJI rose 4.94 points, or 0.01%, to 33,623.63, the S&P 500 .SPX lost 9.1 points, or 0.22%, to 4,129.02 and the Nasdaq Composite .IXIC dropped 51.65 points, or 0.42%, to 12,205.27.
Boeing Co BA.N rose 1.7%after budget carrier Ryanair Holdings Plc RYA.I placed a multi-billion dollar order for Boeing jets.
Novavax NVAX.Osurged 28.7%as the drugmaker plans a 25% cut to its global workforce.
Under Armour Inc UAA.N lost 6.4%as the sports apparel maker saw its annual sales and profit below street expectations.
Dialysis services provider DaVita Inc DVA.Njumped 13.9% on a rise in its annual profit forecast as demand for procedures pickup in the U.S.
Declining issues outnumbered advancing ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.29-to-1 ratio favored decliners.
The S&P 500 posted 13 new 52-week highs and 13 new lows; the Nasdaq Composite recorded 65 new highs and 142 new lows.
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LPL's Debt ceiling sell-off graphic: April-Oct 2011https://tmsnrt.rs/3M6SRML
Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru and additional reporting by Caroline Valetkevitch in New York; Editing by Sonia Cheema, Anil D'Silva and Deepa Babington
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