US STOCKS-Wall St retreats after four-day winning streak as J&J vaccine worries weigh

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Apple expected to launch four new iPhone models at virtual
event
* Amazon rises as two-day 'Prime' shopping event gets
underway
* BlackRock rises after results
* Disney jumps as it restructures its media business
* Indexes down: Dow 0.38%, S&P 0.35%, Nasdaq 0.26%

(Updates to open)
By Medha Singh and Shivani Kumaresan
Oct 13 (Reuters) - Wall Street's main indexes fell on
Tuesday after a four-day winning streak as a pause in Johnson &
Johnson's COVID-19 vaccine trials spurred concerns about a full
economic rebound from the coronavirus-led downturn.
Johnson & Johnson JNJ.N raised its annual profit forecast,
but its shares dropped 1.2% as it suspended clinical trials
following an unexplained illness in a study participant,
possibly delaying one of the most closely watched efforts to
contain the global pandemic. Some of the worst-hit companies due to the pandemic - cruise
line operators Carnival Corp CCL.N , Norwegian Cruise Line
Holdings NCLH. and hotel operator Wynn Resorts Ltd WYNN.O -
were among the top losers on the S&P 500.
"It reminds those betting on a vaccine that it's probably
not as clear cut that it's just on the horizon as the
administration makes it to be," said Rick Meckler, a partner at
Cherry Lane Investments, a family investment office in New
Vernon, New Jersey.
Adding to the negative tone, U.S. House Speaker Nancy Pelosi
rejected President Donald Trump's latest offer on COVID-19
stimulus, in the latest sign that a bipartisan deal on
coronavirus relief remains unlikely ahead of the November
election. Hopes of more U.S. fiscal stimulus and a rally in technology
heavyweights led stocks higher on Monday, bringing the benchmark
S&P 500 and the tech-heavy Nasdaq within 2% of their record
highs hit in September after a pullback last month.
Apple Inc AAPL.O gave up early gains to fall 1.9% ahead of
a virtual event starting 1 p.m. ET (1700 GMT) where it is widely
expected to unveil four new iPhones. Shares of Amazon.com Inc AMZN.O , which have already surged
86% this year, added 0.2% as it began 48 hours of promotions as
part of "Prime Day" in an early start to the holiday shopping
season. Kicking off third-quarter earnings season, JPMorgan Chase &
Co JPM.N and Citigroup C.N surpassed analyst estimates for
quarterly profit on a surge in trading revenue. However, their
shares fell 0.3% and 1.6%, respectively. Bank stocks .SPXBK slipped 0.6%. The index has widely
underperformed the broader market in 2020 and analysts expect
the sector's earnings to take years to make a full recovery as
interest rates remain near record lows. Overall, analysts expect third-quarter earnings for S&P 500
firms to slide 20.7% from a year earlier, smaller than a 31%
tumble in the prior quarter.
At 9:54 a.m. ET, the Dow Jones Industrial Average .DJI was
down 109.40 points, or 0.38%, at 28,728.12, the S&P 500 .SPX
was down 12.27 points, or 0.35%, at 3,521.95, and the Nasdaq
Composite .IXIC was down 30.51 points, or 0.26%, at 11,845.75.
Walt Disney Co DIS.N jumped 3.5% as it restructured its
media and entertainment businesses to accelerate growth of
Disney+ and other streaming services. The world's largest asset manager BlackRock Inc BLK.N rose
3.7% after reporting better than expected quarterly profit as
the recovery rally in global financial markets boosted asset
values and pulled in more investor funds. Declining issues outnumbered advancers for a 2.54-to-1 ratio
on the NYSE and for a 1.98-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and no new low,
while the Nasdaq recorded 41 new highs and six new lows.