US STOCKS-S&P 500, Dow slip after Powell's somber outlook on economy

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* Technology stocks keep Nasdaq in positive territory
* Mylan gains on agreement to supply Gilead's remdesivir
* Indexes mixed: Dow down 0.68%, S&P off 0.34%, Nasdaq up
0.38%

(Updates to open)
By Medha Singh
May 13 (Reuters) - The S&P 500 and Dow slipped on Wednesday
as Federal Reserve Chairman Jerome Powell warned of an extended
period of weak growth and stagnant incomes, while he also
dismissed speculation over negative interest rates.
"There is a sense, growing sense I think, that the recovery
may come more slowly than we would like," Powell said in a
webcast, as he pledged to use more of the central bank's power,
as needed, to support the economy from the pandemic's hit.
Powell made it clear, however, the Fed won't push interest
rates below zero, as traders had been increasingly betting.
"There you have the chairman of the Federal Reserve that has
already thrown trillions of dollars at this issue only
accentuating his continued concern, that the disaster we've all
been fearing is going to happen unless we wake up from this
coma," said Kenny Polcari, chief market strategist at Slatestone
Wealth LLC in Jupiter, Florida.
Unprecedented monetary and fiscal stimulus actions as well
as hopes of an economic recovery have been vital in helping the
three main U.S. stock indexes climb about 30% from their March
lows.
However, the rally paused this week as a spike in cases in
Germany, South Korea and China and a warning from a top U.S.
health expert spurred worries of a second wave of coronavirus
infections as lockdowns are slowly lifted in several countries.
"Volatility is likely to persist because there's a lot of
uncertainty on how this virus plays out," said Brian Levitt,
Global Market Strategist for Invesco.
At 10:12 a.m. ET, the Dow Jones Industrial Average .DJI
was down 161.70 points, or 0.68%, at 23,603.08, the S&P 500
.SPX was down 9.76 points, or 0.34%, at 2,860.36. The Nasdaq
Composite .IXIC was up 33.91 points, or 0.38%, at 9,036.46.
Energy .SPNY , financials .SPSY and industrials .SPLRCI
posted some of the steepest percentage losses among the 11 major
S&P sectors. Strength in Amazon.com Inc AMZN.O , Apple Inc
AAPL.O and Nvidia Corp NVDA.O propped up the tech-heavy
Nasdaq.
Declining issues outnumbered advancers for a 2.93-to-1 ratio
on the NYSE and a 1.66-to-1 ratio on the Nasdaq.
The S&P index recorded one new 52-week high and seven new
lows, while the Nasdaq recorded 19 new highs and 39 new lows.