S&P, Nasdaq little changed; Dow dragged down by Nike

WASHINGTON (REUTERS) - The S&P 500 and the Nasdaq were little changed on Wednesday as investors increasingly worried whether President Donald Trump will be able to push ahead with his pro-growth policies.

The Dow was lower in morning trading, dragged down by a 6.2 per cent fall in Nike after the world's largest footwear maker's quarterly revenue missed estimates amid intensifying competition in North America.

Mr Trump on Tuesday tried to rally Republican lawmakers behind a plan to dismantle Obamacare, his first major legislation since assuming office in January.

Republican leaders aim to move the controversial legislation to the House floor for debate as early as Thursday, amid concerns over support from party lawmakers.

Some investors fear that if the healthcare reform act runs into trouble or takes longer-than-expected to pass, then Mr Trump's tax reform policies may face setbacks.

The concerns triggered the biggest one-day fall since the November election on Wall Street on Tuesday.

"The markets were reminded yesterday the 'Trump trade' is not a one-way trade and there's room for disappointment as actions on tax cuts and infrastructure spending might not materializes as quickly as we want," said Anastasia Amoroso, global market strategist at JP Morgan Private Bank in Houston. "The pronounced fall in yields across the world is not helping market sentiment at the moment either."

US 10-year Treasury yields fell to three-week lows on Tuesday and the gap between US and German 10-year government borrowing costs hit its narrowest since November.

The S&P 500 has run up about 10 per cent since the election in November, spurred mainly by Mr Trump's agenda of tax cuts and infrastructure spending, but valuations have emerged as a concern.

The benchmark index is trading at about 18 times forward earnings estimates against the long-term average of 15, according to Thomson Reuters data.

At 9:38 a.m. ET (9:38 p.m Singapore time) the Dow Jones Industrial Average was down 23.89 points, or 0.12 per cent, at 20,644.12, the S&P 500 was down 0.11 points, or 0.00 per cent, at 2,343.91.The Nasdaq Composite was up 9.55 points, or 0.16 percent, at 5,803.37.

Five of the 11 major S&P sectors were lower, with the financial index's 1.32 percent fall leading the decliners.