US STOCKS-Wall Street slips as Trump, Hong Kong dampen mood

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* Trade-sensitive tech, industrials fall
* Qualcomm, Cisco drop after brokerage downgrades
* Walgreens jumps on record buyout approach report
* Indexes down: Dow 0.44%, S&P 0.36%, Nasdaq 0.29%

(Changes comment, updates market action)
By Arjun Panchadar
Nov 11 (Reuters) - Wall Street's main indexes fell on
Monday, as prospects of a quick resolution to the U.S.-China
trade war dimmed following comments from President Donald Trump,
while escalating violence in Hong Kong added to the downbeat
sentiment.
Hopes of a "phase one" trade deal and largely upbeat
corporate earnings sparked a rally that helped the three major
stock indexes close at record highs on Friday.
Trump said on Saturday that the United States would only
make a deal if it was the "right deal" for America, adding that
the talks had moved more slowly than he would have liked.
Ten of the 11 major S&P 500 sectors were lower, with the
energy sector .SPNY the biggest decliner. O/R
Healthcare shares .SPXHC fell 0.53% and weighed the most
on the benchmark index, while the communication services sector
.SPLRCL and consumer discretionary .SPLRCD were among the
biggest drags.
Trade-sensitive technology shares .SPLRCT and industrials
.SPLRCI were also lower.
Continuing violence in Hong Kong hit sentiment after police
shot and wounded a protester in the 24th straight week of
pro-democracy unrest in the Chinese-ruled territory.
"The protests in Hong Kong seem to be increasing the worries
of a trade deal, but I think its just an excuse to take some
money off the table," said Peter Cardillo, chief market
economist at Spartan Capital Securities in New York.
"We have been quite strong at those market highs last week,
so it's just a minor pull back, and I don't think it's going to
be enduring."
The third-quarter earnings season, which is drawing to a
close has been better-than-expected for the most part, with
nearly three quarters of the 446 S&P 500 companies that have
reported results so far topping profit estimates, according to
Refinitiv data.
Attention now shifts to economic data and Federal Reserve
Chair Jerome Powell's testimony later this week, while a handful
of big companies including Walmart Inc WMT.N , Cisco Systems
Inc CSCO.O and Nvidia Corp NVDA.O will also report earnings.
At 11:34 a.m. ET the Dow Jones Industrial Average .DJI was
down 120.91 points, or 0.44%, at 27,560.33, the S&P 500 .SPX
was down 11.16 points, or 0.36%, at 3,081.92. The Nasdaq
Composite .IXIC was down 24.96 points, or 0.29%, at 8,450.35.
Walgreens Boots Alliance Inc WBA.O jumped 5.6% after
Bloomberg reported KKR & Co KKR.N had formally approached the
drugstore giant for what could be the biggest-ever leveraged
buyout. Among other stocks, Qualcomm Inc QCOM.O fell 2.2% after
Morgan Stanley downgraded the chipmaker to "equal-weight" from
"overweight".
Shares of Cisco dropped 1.1% as Piper Jaffray downgraded the
network gear maker to "neutral" from "overweight".
Declining issues outnumbered advancers for a 1.65-to-1 ratio
on the NYSE and a 1.62-to-1 ratio on the Nasdaq.
The S&P index recorded 14 new 52-week highs and one new low,
while the Nasdaq recorded 41 new highs and 59 new lows.
The Treasury market was closed on Monday for the Veterans
Day holiday.