US STOCKS-Wall Street pulls back from records as investors take profits

* China trade deal signing expected soon - White House
adviser
* Tesla rival Nio jumps after strong quarterly sales
* Major indexes on track for biggest pct drop in more than 3
weeks
* Indexes down: Dow 0.57%, S&P 0.53%, Nasdaq 0.6%

(Updates to late afternoon, changes byline, dateline)
By April Joyner
NEW YORK, Dec 30 (Reuters) - Wall Street's major stock
indexes slipped from record highs on Monday as investors booked
profits from gains made this month after the United States and
China reached a trade deal.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq
were on track for their biggest one-day percentage declines in
more than three weeks.
Monday brought minor updates on the U.S.-China trade
agreement. White House trade adviser Peter Navarro said the pact
was likely to be signed in the next week but confirmation would
come from President Donald Trump or U.S. Trade Representative
Robert Lighthizer. A South China Morning Post report earlier said Chinese Vice
Premier Liu He would travel to Washington later this week to
sign the deal. The news provided little impetus for U.S. stocks to extend
their steep climb, analysts said. Going into Monday, the
benchmark S&P 500 .SPX had notched record high closes in nine
of the past 11 sessions.
"It's year-end profit-taking," said Oliver Pursche, chief
market strategist at Bruderman Asset Management in New York.
"Investors are taking some risk off the table. That's all today
represents."
Light trading volume ahead of the New Year holiday on
Wednesday likely amplified Monday's decline, Pursche added.
The Dow Jones Industrial Average .DJI fell 163.02 points,
or 0.57%, to 28,482.24, the S&P 500 .SPX lost 17.07 points, or
0.53%, to 3,222.95 and the Nasdaq Composite .IXIC dropped
54.44 points, or 0.6%, to 8,952.18.
S&P 500 technology stocks .SPLRCT dropped 0.5% and weighed
most heavily on the benchmark index. The sector has soared this
year, with a 47.5% annual gain.
It is "not uncommon for the leading sectors to pull back
first when people start to sell because if it is an
outperformer, then it warrants a lot more downside risk," said
Randy Frederick, vice president of trading and derivatives for
Charles Schwab in Austin, Texas.
In a bright spot among U.S. stocks, Nio Inc NIO.N shares
surged 65.7% after the Tesla rival beat quarterly revenue
estimates on higher demand for its electric vehicles.
Declining issues outnumbered advancing ones on the NYSE by a
1.39-to-1 ratio; on the Nasdaq, a 1.40-to-1 ratio favored
decliners.
The S&P 500 posted 17 new 52-week highs and no new lows; the
Nasdaq Composite recorded 69 new highs and 24 new lows.