US STOCKS-Wall St muted as stimulus hopes collide with dismal private jobs data

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* Pfizer, BioNTech rise on getting UK approval for vaccine
* Salesforce drops on $27.7 bln deal to buy Slack
Technologies
* NetApp gains on upbeat profit forecast
* Indexes: Dow, Nasdaq dip 0.1% each, S&P flat

(Adds comment, details; updates prices)
By Medha Singh and Susan Mathew
Dec 2 (Reuters) - Wall Street's main indexes lost their
momentum on Wednesday as investor sentiment was divided between
optimism stemming from a potential coronavirus fiscal package
and COVID-19 vaccine breakthroughs and a bleak private jobs
report.
Treasury Secretary Steven Mnuchin said President Donald
Trump supported a proposal put forth by Republican Majority
Leader Mitch McConnell though it was unclear the relief measure
would pass the Democratic-controlled House of Representatives.
U.S. House Majority Leader Steny Hoyer also expressed hope
that a deal could be reached "in the next few days."
Underscoring the need for fiscal stimulus, data showed
private payrolls increased less than expected in November,
likely as soaring new infections and business restrictions
hampered the labor market's recovery. The more crucial jobs report is due on Friday.
"It reminds investors that we do have some tough times ahead
before we get to normal," said Arian Vojdani, investment
strategist at MV Financial in Bethesda, Maryland.
"But I don't think this is signifying a protracted
downturn. Markets continue to run based on the positive news
we've seen on vaccines and how forward ahead the market is
looking."
Positive updates on coronavirus vaccine have helped
investors raise bets on a swift economic rebound next year,
powering the Wall Street's main indexes to life-highs recently.
Pfizer Inc PFE.N and BioNTech's BNTX.O COVID-19 vaccine
got the green light for use in Britain, the first Western
country to approve a shot for COVID-19. Pfizer rose 3.5% and
BioNTech added 6%. A rotation into value stocks continued on Wednesday with
banks .SPXBK and energy .SPNY stocks leading gains, while
market leaders technology .SPLRCT dropped 0.5%.
At 12:18 p.m. ET, the Dow Jones Industrial Average .DJI
fell 25.57 points or 0.09% to 29,798.35 and the S&P 500 .SPX
gained 0.81 points or 0.02% to 3,663.25.
The Nasdaq Composite .IXIC lost 13.94 points, or 0.11%, to
12,341.16, weighed down by a 3% slide in the shares of
soon-to-be an S&P 500 member Tesla Inc TSLA.O .
Getting a generous stimulus package through Congress is a
top priority, President-elect Joe Biden said in an interview
with the New York Times. He also said he would not immediately
cancel the Phase 1 trade deal that President Donald Trump struck
with China. The biggest drag on the blue-chip Dow was a near 8% drop in
Salesforce.com Inc CRM.N after it agreed to buy workplace
messaging app Slack Technologies Inc WORK.N in a $27.7 billion
deal as it bets on an extended run for remote working.
Cloud data service provider NetApp's shares NTAP.O jumped
10% after it forecast third-quarter profit above expectations.

Later in the day, investors will turn to the Federal
Reserve's Beige Book report, which will give a glimpse of the
state of the economy based on conversations with business
contacts.
Advancing issues outnumbered decliners by a 1.1-to-1 ratio
on the NYSE. Declining issues outnumbered advancers by a
1.2-to-1 ratio on the Nasdaq.
The S&P 500 posted 13 new 52-week highs and no new low,
while the Nasdaq recorded 91 new highs and nine new lows.