US STOCKS-Nasdaq leads gains as stimulus delay favors tech; Alibaba slumps

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* Technology sector outperforms
* Alibaba at lowest level since early July
* Indexes up: Dow 0.16%, S&P 0.25%, Nasdaq 0.38%

(Updates to market open)
By Ambar Warrick and Devik Jain
Dec 24 (Reuters) - Wall Street's main indexes rose in a
shortened session on Thursday as technology stocks gained on the
prospect of a delay to the coronavirus stimulus package, while
Alibaba slumped after China launched an antitrust investigation.
Republicans and Democrats in the U.S. House of
Representatives blocked attempts to alter a $2.3 trillion aid
and government spending package, which was unanimously passed by
Congress on Monday. Reports earlier said Democrats aimed to win quick passage of
legislation providing $2,000 in direct payments to Americans
after President Donald Trump unexpectedly insisted on the
provision.
"The market is just muddled by confusion over how the
stimulus is going to play out and whether there's a potential
even for a government shutdown," said Rick Meckler, partner at
Cherry Lane Investments in New Vernon, New Jersey.
"The stimulus will be coming, but whether it's delayed until
Biden takes office or whether they can negotiate it over the
next couple of days is an open question."
Markets will close at 1:00 PM ET on Thursday and will be
closed for Christmas holiday on Friday.
Lifting sentiment was Britain and the European Union
striking a Brexit trade deal at the eleventh hour. 10:16 a.m. ET, the Dow Jones Industrial Average .DJI
was up 48.03 points, or 0.16%, at 30,177.86, the S&P 500 .SPX
was up 9.30 points, or 0.25%, at 3,699.31. The Nasdaq Composite
.IXIC was up 48.44 points, or 0.38%, at 12,819.55.
Financials .SPSY , industrials .SPLRCI and energy stocks
.SPNY were the worst performing sectors.
Technology .SPLRCT was the best performing S&P sector,
rising about 0.8%.
Alibaba Group BABA.N plunged 13.8% to a near six-month low
after China launched an antitrust investigation into the company
as part of an accelerating crackdown on anticompetitive
behavior. The news also pulled down U.S.-listed shares of other
Chinese companies like Baidu Inc BIDU.O and JD.com Inc JD.O .
Altimmune Inc ALT.O slipped 8.2% after the U.S. Food and
Drug Administration issued a clinical hold on the drug
developer's application to begin human testing of its
single-dose COVID-19 vaccine, AdCOVID.
Advancing issues outnumbered decliners by a 1.15-to-1 ratio
on the NYSE and by a 1.10-to-1 ratio on the Nasdaq.
The S&P index recorded 5 new 52-week highs and no new low,
while the Nasdaq recorded 107 new highs and 4 new lows.