Wednesday’s early trade: Main indexes slip as stimulus rally cools; Intel shines

NEW YORK: Wall Street’s main indexes slipped on Wednesday as investors digested a recent run to record highs on hopes of new fiscal package and vaccine rollouts for the coronavirus-ravaged economy, while Intel shares jumped on executive change.

The chipmaker said it would replace Chief Executive Officer Bob Swan with VMware Inc CEO Pat Gelsinger next month. Its shares gained 7.5% to touch a six-month high.

Shares of VMware slumped 5.5%.

Five of the 11 major S&P sectors rose in early trading with real estate and utilities up more than 0.5%.

At 10:08 a.m. ET the Dow Jones Industrial Average fell 41.68 points, or 0.13%, to 31,027.01, the S&P 500 lost 4.88 points, or 0.13%, to 3,796.31 and the Nasdaq Composite gained 0.57 points, or 0.01%, to 13,073.19.—Reuters