September 17, 2018 / 5:21 PM / 8 months ago

US STOCKS-Apple, Amazon lead Wall St lower as tariffs loom

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* US tariffs on Chinese goods may take effect Monday - source

* Expected to hit internet, tech, consumer products

* Technology index slides, led by Apple

* Amazon, Netflix, retailers lead consumer stocks lower

* Indexes down: Dow 0.02 pct, S&P 0.21 pct, Nasdaq 0.74 pct (Changes comments, updates to early afternoon)

By Shreyashi Sanyal

Sept 17 (Reuters) - A slide in Apple and Amazon led the S&P 500 and Nasdaq lower on Monday on expectations that President Donald Trump was about to go ahead with new tariffs on $200 billion of Chinese goods and that Beijing would retaliate.

A July list of products to be covered by the new tariffs included a range of internet technology products, printed circuit boards and other electronics, putting focus on the impact on big U.S. tech players.

The final list of products to be covered was not clear, but the technology sector fell 0.58 percent as Apple , which has said the moves could hit a "wide range" of its products, slid 1.6 percent.

Chipmaker Advanced Micro Devices was the second most traded stock, down 0.8 percent. While the drop in both the S&P and the Dow were nominal, the tech-heavy Nasdaq fell almost 1 percent, largely due to losses in FAANG group.

Netflix, Facebook, Amazon and Google-parent Alphabet fell between 0.9 percent and 2.3 percent.

"Investors tend to take profit from some of the meaty names like Apple and Amazon. And when all the FAANGs go down it will smack the Nasdaq," said Michael Antonelli, managing director, institutional sales trading at Robert W. Baird in Milwaukee.

"What you are looking at is some profit-taking amidst sector rotations, and when you see profit-taking the technology sector tends to get hit first."

Another area set to be hit by tariffs, the consumer discretionary sector, fell 0.63 percent, the most among the 11 major S&P sectors.

Retailers including Macy's and Kohl's also dropped, and the S&P 500 retailers index lost 1.11 percent.

A climb in oil prices on supply concerns ahead of U.S. sanctions on Iran that take effect in November helped shares in major producers. Chevron rose 0.5 percent and Exxon 0.9 percent, boosting the Dow Industrials and pulling the energy sector index higher.

At 12:51 a.m. ET the Dow Jones Industrial Average was down 4.51 points, or 0.02 percent, at 26,150.16. The S&P 500 was down 6.21 points, or 0.21 percent, at 2,898.77 and the Nasdaq Composite was down 59.41 points, or 0.74 percent, at 7,950.64.

Six of the 11 major S&P 500 sectors were lower. The CBOE Volatility index, known as Wall Street's fear gauge, rose 69 points, its first increase in six sessions.

Twitter fell 3.6 percent, the most on the S&P, after brokerage MoffettNathanson flagged concerns over rising expenses.

Defying the weakness in chipmakers was Broadcom, which rose 0.7 percent after brokerage Nomura raised its rating on expectations of a higher dividend.

Declining issues outnumbered advancers for a 1.18-to-1 ratio on the NYSE and for a 1.55-to-1 ratio on the Nasdaq.

The S&P index recorded 32 new 52-week highs and no new lows, while the Nasdaq recorded 41 new highs and 52 new lows. (Reporting by Shreyashi Sanyal in Bengaluru; editing by Shounak Dasgupta and Arun Koyyur)

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