* Oil price drop weighs on energy stocks
* Netflix drops ahead of quarterly report
* Fed's Fischer says "not that simple" to raise rates
* Indexes down: Dow 0.18 pct, S&P 0.14 pct, Nasdaq 0.05 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
Oct 17 Wall Street was near session lows on
Monday afternoon as energy stocks slipped along with oil prices,
and Amazon and Netflix weighed on consumer stocks.
Federal Reserve Vice Chairman Stanley Fischer warned that
economic stability could be threatened by low interest rates,
but said it was "not that simple" for the Fed to raise rates.
The comments from Fischer, a dove who has supported a rate
hike, come even as other Fed officials have recently said the
current state of affairs may be about as good as it gets.
The central bank's lack of clarity on the timing of a rate
hike is seen aggravating the uncertainty in the markets that has
been sparked by changing dynamics in a tightly-run race for the
White House and nervousness regarding third-quarter earnings.
Investors hope corporate America's profits fare better in
the second half of the year than they did in the first. Earnings
of S&P 500 companies are expected to have slipped 0.1 percent in
the third quarter, according to Thomson Reuters data.
At 12:36 p.m. ET (1636 GMT), the Dow Jones Industrial
Average was down 33.24 points, or 0.18 percent, at
The S&P 500 was down 2.93 points, or 0.14 percent, at
2,130.05. The index has alternated between losses and gains for
the past seven trading days.
The Nasdaq Composite was down 2.35 points, or 0.05
percent, at 5,211.81.
Six of the 11 major S&P 500 indexes were lower, with the
energy sector's 0.63 percent drop the steepest. Oil fell
1 percent as a rising U.S. rig count left investors worried
about the prolonged glut.
Bank of America shares were little changed despite
its profit rising for the first time in three quarters and also
McDonald's was the top drag on the Dow, falling 1.2
percent after Nomura cut its price target on the stock.
Netflix fell 1.9 percent as analysts anticipate
weakness in subscriber growth when the video streaming website
reports third-quarter results after markets close.
Amazon was down 1 percent, falling for the third
straight day, and along with McDonald's and Netflix dragged the
consumer discretionary sector 0.49 percent lower.
One bright spot was Hasbro, which gained 6.9 percent
after the toymaker's better-than-expected quarterly report.
IBM, also due to report quarterly results after the
close, was up 0.2 percent.
Declining issues outnumbered advancing ones on the NYSE by
1,474 to 1,388. On the Nasdaq, 1,424 issues fell and 1,250
The S&P 500 index showed no new 52-week highs and seven new
lows, while the Nasdaq recorded 16 new highs and 70 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by