US STOCKS-S&P 500 ends lower amid concern about stalemate in stimulus talks

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* Tech-laden Nasdaq slips for 3rd day
* Rotation from growth stocks to value extends

(Updates to close)
By Caroline Valetkevitch
Aug 11 (Reuters) - The S&P 500 ended lower on Tuesday,
reversing course late in the session after comments about a
stalemate in talks over a fiscal stimulus deal.
The benchmark index had been higher for much of the session,
coming within striking distance of its closing record high from
February, before the onset of the U.S. coronavirus crisis that
caused one of Wall Street's most dramatic crashes in history.
U.S. Senate Republican leader Mitch McConnell told Fox News
that White House negotiators had not spoken on Tuesday with
Democratic leaders in the U.S. Congress on coronavirus aid
legislation after talks broke down last week. The Dow also ended down, and the Nasdaq fell more than 1%
and underperformed the other major indexes, as investors
continued to rotate out of technology-related market
heavyweights and into value shares.
"We're sitting here close to the all-time highs in the S&P
500, so any potential negative headline like that can cause a
hiccup," said Michael O'Rourke, chief market strategist at
JonesTrading in Stamford, Connecticut.
Investors have been hoping Republicans and Democrats will
resolve their differences and agree on another relief program to
support about 30 million unemployed Americans, as the battle
with the virus outbreak was far from over with U.S. cases
surpassing 5 million last week. Wedbush trader Joel Kulina said concerns about the stalemate
in stimulus negotiations added to pressure to sell recently
strong performing tech stocks.
"It just feels like an acceleration of the growth unwind
that started last Friday. Today marks day three of the unwind
out of growth," Kulina said. "But I'm not seeing panicking."
Unofficially, the Dow Jones Industrial Average .DJI fell
101.13 points, or 0.36%, to 27,690.31, the S&P 500 .SPX lost
26.14 points, or 0.78%, to 3,334.33 and the Nasdaq Composite
.IXIC dropped 182.74 points, or 1.67%, to 10,785.62.
On Tuesday, the Russell 1000 value .RLV index rose
further, while the Russell 1000 growth .RLG index fell.
Ultra-low interest rates, trillions of dollars in stimulus
and, more recently, a better-than-feared second-quarter earnings
season have allowed all three of Wall Street's main indexes to
recover.