“The concerns over the differences between the Senate and House version of the tax bill is causing some consolidation in the market. It’s a pretty tight time frame for the passage of the bill and I think it will be an event for the first quarter.”
At 12:46 p.m. EDT (1646 GMT) the Dow Jones Industrial Average was down 46.94 points, or 0.2 percent, at 23,415, the S&P 500 was down 4.31 points, or 0.17 percent, at 2,580.31 and the Nasdaq Composite was down 4.78 points, or 0.07 percent, at 6,745.27.
All three major indexes were on track to end lower for the week, with the S&P and the Dow set to end lower for the first time in nine weeks.
Six of the 11 major S&P sectors were lower on Friday, with the energy index’s 1.23 percent fall leading the decliners as oil prices fell.
Nvidia jumped 5.8 percent, hitting a record high, after the chipmaker’s revenue forecast for the current quarter topped estimates.
A rise in media stocks also helped limit the slide.
Disney rose 2.6 percent as the promise of a new “Star Wars” trilogy overshadowed its weak quarterly results.
Twenty-First Century Fox, Time Warner Inc, Comcast and News Corp were up between 1.0 percent and 7.5 percent, and were among the top boosts on the S&P and the Nasdaq.
Declining issues outnumbered advancers on the NYSE by 1,593 to 1,225. On the Nasdaq, 1,567 issues rose and 1,254 fell.
(Reporting by Tanya Agrawal and Sweta Singh; Editing by Arun Koyyur and Savio D’Souza)