Indexes fall off record highs, but set for weekly gains 2 New York

Most S and P 500 sectors fell, with materials and technology the weakest performers.

Key risks to the U.S. economy have receded, the Federal Reserve said in its late monetary policy report to Congress, but the Fed did note risk from the fallout from the coronavirus outbreak.

Fourth-quarter corporate reporting season is more than halfway done and overall S and P 500 earnings are expected to have climbed 2.3% in the period, according to IBES data from Refinitiv.

In company news, Uber Technologies Inc shares climbed 8.5% after the ride-hailing company laid out an ambitious plan to be profitable by the end of 2020.

Take-Two Interactive Software Inc shares fell 11.1% after the videogame publisher's adjusted revenue missed estimates.

Declining issues outnumbered advancing ones on the NYSE by a 2.03-to-1 ratio; on Nasdaq, a 2.46-to-1 ratio favored decliners.

The S and P 500 posted 34 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 71 new highs and 74 new lows.

Source: Saudi Press Agency