US STOCKS-Wall Street falls as Trump, Hong Kong sour mood

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Trade-sensitive tech, industrials fall
* Most U.S.-listed Chinese stocks lower
* Qualcomm, Cisco drop after brokerage downgrades
* Walgreens jumps on record buyout approach report
* Indexes down: Dow 0.35%, S&P 0.30%, Nasdaq 0.32%

(Updates to open)
By Arjun Panchadar
Nov 11 (Reuters) - Wall Street's main indexes fell on Monday
as comments by President Donald Trump dampened optimism around a
U.S.-China trade deal, while escalating violence in Hong Kong
added to investor concerns.
Hopes of a "phase one" deal to end the damaging 16-month
trade war and largely upbeat corporate earnings have sparked a
rally that helped the three major stock indexes close at record
highs on Friday.
But Trump said on Saturday that the United States would only
make a deal if it was the "right deal" for America, adding that
the talks had moved more slowly than he would have liked.
Nine of the 11 major S&P 500 sectors were lower, with the
energy sector .SPNY the biggest decliner. O/R
Technology shares .SPLRCT slipped 0.2% and were among the
biggest drags on the benchmark index due to weakness in chip
makers, which get a sizeable chunk of sales from China. The
trade-sensitive industrials sector .SPLRCI also dropped 0.4%.
Continuing violence in Hong Kong hit sentiment after police
shot and wounded a protester in the 24th straight week of
pro-democracy unrest in the Chinese-ruled territory.
"You have China involved in two major variables now, which
seems to be causing some nervousness," said Andre Bakhos,
managing director at New Vines Capital LLC in Bernardsville.
"During times like these, the markets are going to be
volatile and erratic, especially after coming off all time
highs."
The third-quarter earnings season is drawing to a close on a
positive note, with nearly three quarters of the 446 S&P 500
companies that have reported results so far topping profit
estimates, according to Refinitiv data.
Attention will now shift to economic data as well as on
Federal Reserve Chair Jerome Powell's testimonies later this
week.
At 10:13 a.m. ET the Dow Jones Industrial Average .DJI was
down 97.34 points, or 0.35%, at 27,583.90, the S&P 500 .SPX
was down 9.39 points, or 0.30%, at 3,083.69 and the Nasdaq
Composite .IXIC was down 27.46 points, or 0.32%, at 8,447.85.
Walgreens Boots Alliance Inc WBA.O jumped 6.3% after
Bloomberg reported KKR & Co KKR.N had formally approached the
drugstore giant for what could be the biggest-ever leveraged
buyout. Among other stocks, Qualcomm Inc QCOM.O fell 2.4% after
Morgan Stanley downgraded the chipmaker to "equal-weight" from
"overweight".
Shares of Cisco Systems Inc CSCO.O dropped 1.2% as Piper
Jaffray downgraded the network gear maker to "neutral" from
"overweight".
Declining issues outnumbered advancers for a 1.62-to-1 ratio
on the NYSE and a 1.56-to-1 ratio on the Nasdaq.
The S&P index recorded 7 new 52-week highs and one new low,
while the Nasdaq recorded 25 new highs and 48 new lows.