CORRECTED-US STOCKS-Wall St flat as stimulus rally cools; Intel shines

(Correct year to 2021 from 2020 in paragraph 5)
* Intel jumps on replacing CEO Bob Swan
* Exxon rises on J.P. Morgan upgrade to "overweight"
* Regeneron up as U.S. govt orders more COVID-19 therapy
doses
* Indexes: Dow and S&P down 0.13%, Nasdaq flat

By Medha Singh and Devik Jain
Jan 13 (Reuters) - 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 INTC.O said it would replace Chief Executive
Officer Bob Swan with VMware Inc VMW.N CEO Pat Gelsinger next
month. Its shares gained 7.5% to touch a six-month high.
Shares of VMware slumped 5.5%.
Expectations of a hefty COVID-19 relief package under the
incoming Joe Biden administration and hopes of a rebound in
corporate earnings this year have eclipsed concerns over signs
that the labor market recovery has stalled amid rampant COVID-19
infections.
"The market has discounted the rise in (COVID-19) cases and
is really focused on what things look like in the second half of
2021, when vaccines have been widely distributed and the more
impaired sectors of the economy are up and running again," said
Dan Eye, head of asset allocation and equity research at Fort
Pitt Capital Group in Harrisburg, Pennsylvania.
"Valuations are stretched in a lot of segments within tech
and growth. But that's not the case with a lot of value sectors
such as financials, energy ... things are set up very well for
continuation of the rotation into value."
Five of the 11 major S&P sectors rose in early trading with
real estate .SPLRCR and utilities .SPLRCU up more than 0.5%.
Investors are watching events in Washington, where the U.S.
House of Representatives gathered to consider impeaching
President Donald Trump for his role in an assault on American
democracy that stunned the nation and left five dead.
U.S. Federal Reserve officials on Tuesday said that concerns
about continued violence pose a risk, but the transition to a
new administration on Jan. 20 and a likely accelerating vaccine
rollout have left them optimistic. The new Senate will take up further COVID-19 relief
legislation as soon as Democrats take control of the chamber,
U.S. Senate Democratic Leader Chuck Schumer assured on Tuesday.
At 10:08 a.m. ET the Dow Jones Industrial Average .DJI
fell 41.68 points, or 0.13%, to 31,027.01, the S&P 500 .SPX
lost 4.88 points, or 0.13%, to 3,796.31 and the Nasdaq Composite
.IXIC gained 0.57 points, or 0.01%, to 13,073.19.
Earnings reports from big U.S. banks including JPMorgan
JPM.N and Citigroup C.N will mark the unofficial start to
the fourth-quarter earnings season later this week. Investors
will gauge remarks from executives for clues on corporate
America's health.
General Motors Co GM.N added another 2% on top of
Tuesday's 6% jump after the automaker announced its entry into
the growing electric delivery vehicle business. Exxon Mobil Corp XOM.N rose 0.3% after J.P. Morgan
upgraded the stock to "overweight", saying cuts in capital
spending had put the oil major on track for a stronger
performance. Regeneron Pharmaceuticals REGN.O climbed 1.5% as the U.S.
government said it would buy 1.25 million additional doses of
the company's COVID-19 antibody cocktail for about $2.63
billion. Declining issues outnumbered advancers by a 1.2-to-1 ratio
on the NYSE and by a 1.4-to-1 ratio on the Nasdaq.
The S&P 500 posted 33 new 52-week highs and no new lows,
while the Nasdaq recorded 262 new highs and four new lows.