US STOCKS-Wall St slips on trade worries, Hong Kong unrest

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* Trump gives no new details on trade deal with China
* Trade-sensitive chipmakers, industrials fall
* Fed Chair Jerome Powell to testify at 11 a.m. ET
* Indexes down: Dow 0.06%, S&P 0.13%, Nasdaq 0.20%

(Updates to open)
By Arjun Panchadar
Nov 13 (Reuters) - Wall Street edged lower on Wednesday as
President Donald Trump's threat to "substantially" raise tariffs
if China did not make a trade deal with the United States as
well as escalating tensions in Hong Kong kept investors away
from riskier assets.
Trump on Tuesday dangled the prospect of completing an
initial deal with China "soon," but offered no new details on
negotiations and largely repeated well-worn rhetoric about
China's "cheating" on trade. Technology stocks had lifted the benchmark S&P 500 .SPX
and Nasdaq .IXIC to all-time highs in the run up to Trump's
speech on Tuesday, but the indexes pulled back slightly after
his address at the Economic Club of New York.
"Now is more the realization that 'phase one' is really not
a done deal," said Art Hogan, chief market strategist at
National Securities in New York.
"It felt for a couple weeks that the deal was almost done
and then you have these comments that sort of puts us in the
same place we were."
Eight of the 11 major S&P 500 sectors were lower. The
financial sector .SPSY fell 0.65%, tracking a drop in
benchmark 10-year U.S. Treasury yields and weighing the most.
US/
The trade-sensitive industrial sector .SPLRCI was also
among the biggest drags, while the Philadelphia Semiconductor
index fell 0.87%.
Heightened tensions in Hong Kong also dulled sentiment after
police warned violence related to anti-government protests had
reached a deadly level and that the Asian financial hub had been
pushed to the "brink of a total breakdown". Wall Street's main indexes have touched new highs this month
on the back of a strong corporate earnings season and hopes of a
trade deal to end the damaging 16-month tariff war.
U.S. central bankers see a "sustained expansion" ahead for
the country's economy, with the full impact of recent interest
rate cuts still to be felt, Federal Reserve Chair Jerome Powell
said in his prepared remarks for testimony that is scheduled to
begin at 11 a.m. ET (1600 GMT). On the economic front, data showed U.S. consumer prices
rebounded more than expected in October and underlying inflation
picked up. At 10:03 a.m. ET the Dow Jones Industrial Average .DJI
was down 16.71 points, or 0.06%, at 27,674.78, the S&P 500
.SPX was down 4.11 points, or 0.13%, at 3,087.73 and the
Nasdaq Composite .IXIC was down 16.84 points, or 0.20%, at
8,469.26.
Shares of Alibaba Group Holding Ltd BABA.N slipped 1.2% as
the Chinese e-commerce giant revealed plans to launch a Hong
Kong share sale to raise up to $13.4 billion. SmileDirectClub Inc SDC.O slumped 19% as the teeth
alignment company posted a bigger quarterly loss and pointed
towards more losses for the year. Tech Data Corp TECD.O gained 4% after announcing private
equity Apollo Global Management APO.N would buy the U.S.
company in a deal valued at $5.4 billion. China's Luckin Coffee Inc LK.O rose 13.2% as the Starbucks
Corp SBUX.O rival reported a smaller-than-expected loss and
forecast fourth-quarter revenue above estimates. L4N27T2UK
Declining issues outnumbered advancers for a 1.67-to-1 ratio
on the NYSE and a 1.89-to-1 ratio on the Nasdaq.
The S&P index recorded eight new 52-week highs and one new
lows, while the Nasdaq recorded 34 new highs and 55 new lows.