US STOCKS-Wall Street poised for second straight weekly drop

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* Oracle erases gains after hitting intraday record
* Materials the only S&P sector poised to end the week
higher
* Dow up 0.03%, S&P 500 down 0.47%, Nasdaq down 1.25%

(Updates to midafternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, Sept 11 (Reuters) - The S&P and Nasdaq were lower
on Friday as early gains in the technology sector and growth
names faded, with each of the three major Wall Street averages
on track for their second straight weekly decline.
After rising to a record high of $61.86, shares of Oracle
Corp ORCL.N turned lower along with the rest of the technology
sector .SPLRCT . The cloud services company's earnings beat
estimates and it signaled a recovery in client spending due to
higher demand led by the work-at-home trend. The tech sector fell 1.39% and was on track for its fifth
decline in six days and biggest weekly percentage decline since
March as investors have moved away from companies such as Apple
Inc AAPL.O that have helped spearhead the rebound in stocks
from coronavirus-driven lows in March.
In addition, the sector was on pace to close below its
50-day moving average, a technical support level, for the first
time since April 21.
Growth stocks .IGX , which include many tech names along
with others that have benefited from government-imposed
lockdowns such as Amazon.com Inc AMZN.O , also moved lower,
down 0.82%. In contrast, value names .IVX edged up 0.09%.
"We are in another period out of growth and into value, we
get these about once a month. They last either a couple of days
or a week," said Tim Ghriskey, chief investment strategist at
Inverness Counsel in New York.
"And while growth isn't cheap, it is growth and a lot of
these companies are doing well during the pandemic so I wouldn't
be surprised to see money coming back to them."
The Dow Jones Industrial Average .DJI was up 8.07 points,
or 0.03%, at 27,542.65, the S&P 500 .SPX lost 15.74 points, or
0.47%, to 3,323.45 and the Nasdaq Composite .IXIC dropped
136.94 points, or 1.25%, to 10,782.65.
Industrials .SPLRCI and financial stocks .SPSY provided
the biggest boost to the benchmark index. Material .SPLRCM was
the only S&P sector poised to end higher on the week.
Many investors view the recent slump as a healthy
consolidation after a stunning five-month rally in the S&P 500
that was powered by a narrow group of heavyweight tech companies
and massive amounts of fiscal and monetary stimulus.
Meanwhile, latest data showed U.S. consumer prices increased
solidly in August, but the labor market's slack is likely to
keep a lid on inflation as the economy recovers from the
COVID-19 recession. Another beneficiary of coronavirus lockdowns, exercise bike
maker Peloton Interactive Inc PTON.O , gave up early gains and
turned negative, down 2.1% even as it reported forecast-beating
quarterly revenue due to a surge in subscribers and increased
demand for its fitness products during the pandemic.