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* Trump gives no new details on trade deal with China
* Trade-sensitive chipmakers, industrials fall
* Fed Chair Jerome Powell to testify at 11 a.m. ET
* Indexes down: Dow 0.06%, S&P 0.13%, Nasdaq 0.20%
(Updates to open)
By Arjun Panchadar
Nov 13 (Reuters) - Wall Street edged lower on Wednesday as
President Donald Trump's threat to "substantially" raise tariffs
if China did not make a trade deal with the United States as
well as escalating tensions in Hong Kong kept investors away
from riskier assets.
Trump on Tuesday dangled the prospect of completing an
initial deal with China "soon," but offered no new details on
negotiations and largely repeated well-worn rhetoric about
China's "cheating" on trade. Technology stocks had lifted the benchmark S&P 500 .SPX
and Nasdaq .IXIC to all-time highs in the run up to Trump's
speech on Tuesday, but the indexes pulled back slightly after
his address at the Economic Club of New York.
"Now is more the realization that 'phase one' is really not
a done deal," said Art Hogan, chief market strategist at
National Securities in New York.
"It felt for a couple weeks that the deal was almost done
and then you have these comments that sort of puts us in the
same place we were."
Eight of the 11 major S&P 500 sectors were lower. The
financial sector .SPSY fell 0.65%, tracking a drop in
benchmark 10-year U.S. Treasury yields and weighing the most.
The trade-sensitive industrial sector .SPLRCI was also
among the biggest drags, while the Philadelphia Semiconductor
index fell 0.87%.
Heightened tensions in Hong Kong also dulled sentiment after
police warned violence related to anti-government protests had
reached a deadly level and that the Asian financial hub had been