US STOCKS-Wall St slips on fears over economic pain of rising virus cases

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* Netflix falls as subscriber growth forecast disappoints
* BlackRock rises as fixed-income investing boosts profit
* Indexes down: Dow 0.2%, S&P 0.10%, Nasdaq 0.2%

(Updates to open)
By Medha Singh and Devik Jain
July 17 (Reuters) - Wall Street's main indexes gave up early
gains to trade lower on Friday, as fears over business
disruptions due to another record-breaking rise in COVID-19
cases at home overtook optimism over a further stimulus for a
post-pandemic economic revival.
Netflix's shares NFLX.O fell 7.2% after it forecast
slower-than-expected subscriber growth during the third quarter
and weighed the most on the S&P 500 and the Nasdaq.
The video streaming service's shares also pulled the
communication services sector .SPLRCL down 1.2%, the most
among S&P sectors.
The Nasdaq looked set to underperform the S&P 500 for the
sixth session in a row as investors rotated out of high-flying
companies including Microsoft Corp MSFT.O and Apple Inc
AAPL.O , which have powered the tech-heavy index to a record
high last week.
Utilities .SPLRCU and healthcare .SPXHC sectors rose the
most among the major S&P sectors.
"These tech stocks are grossly overvalued and the inevitable
rollover of big tech into more value-oriented sectors is in the
very early innings. I expect a very rough patch for big tech for
the rest of the year," said David Bahnsen, chief investment
officer, the Bahnsen Group, based in Newport Beach, California
At 10:43 a.m. ET, the Dow Jones Industrial Average .DJI
was down 62.98 points, or 0.24%, at 26,671.73, the S&P 500
.SPX was down 3.56 points, or 0.11%, at 3,212.01. The Nasdaq
Composite .IXIC was down 24.83 points, or 0.24%, at 10,449.00.
BlackRock Inc BLK.N , the world's largest asset manager,
rose 2.7% after reporting a jump in quarterly profit as
investors poured money into its fixed-income funds and cash
management services. As the second-quarter earnings season gets underway,
investors are looking for clues on the path of recovery for
Corporate America. Unprecedented stimulus measures and improving
economic data have helped the S&P 500 rise to within 5% of its
February record high.
U.S. stocks opened higher as investors are also hoping for
more fiscal support, as a program that offers additional
unemployment benefits is set to expire on July 31. The U.S.
Congress will return to Washington on Monday to battle over the
next coronavirus aid bill. "It's going to be very messy over the next couple of weeks,
as Republicans and Democrats go back and forth. I suspect
they're going to end up settling somewhere closer to maybe one
and a half to two trillion in fiscal stimulus," said
Bahnsen.10:43
The S&P 500 and the Dow have risen so far this week after
promising data on a COVID-19 vaccine helped investors look past
a record-breaking increase in coronavirus cases in the United
States.
Advancing issues outnumbered decliners by a 1.01-to-1 ratio
on the NYSE and by a 1.09-to-1 ratio on the Nasdaq.
The S&P index recorded 24 new 52-week highs and no new low,
while the Nasdaq recorded 56 new highs and five new lows.