* Oil prices down more than 2 pct
* GE plunges for second straight day
* Buffalo Wild Wings surges on takeover talks
* Indexes down: Dow 0.43 pct, S&P 0.35 pct, Nasdaq 0.30 pct(Changes comment, updates prices)
By Sruthi Shankar
Nov 14 (Reuters) – U.S. stock indexes were lower on Tuesdayafter GE plunged for the second straight day and a drop in oilprices hit energy stocks.
The industrial conglomerate was on track to recordits worst two-day fall since 2009 after its new chief executiveon Monday outlined steps to turn it into a smaller, more focusedcompany, surprising some investors.
Oil prices dipped more than 2 percent as bullish factorssuch as ongoing OPEC-led production cuts and Middle Easttensions were countered by rising U.S. output.
Exxon slipped 0.4 percent, while ConocoPhillipswas down 2 percent, weighing the most on the energysector.
With the quarterly earnings season winding down, the markethas taken a breather after its rally to record highs last week.
“There are no catalysts at the moment, while there areconcerns that the Fed is going to get more ammunition to movehigher with the rates,” said Jeff Zipper, managing director forinvestments at Private Client Reserve at U.S. Bank in PalmBeach, Florida.
“Flattening yield curve is certainly a concern for themarket. It is not convinced that we’re going to get the growththat we need to steepen the yield curve.”
A tightening gap between short- and long-term U.S.government bond yields suggests the Federal Reserve may be indanger of hiking rates too much and killing longer terminflation and growth.
Investors are also waiting for any signs of compromise onU.S. tax policy after Senate Republicans unveiled a plan lastweek that would cut corporate taxes a year later than a rivalHouse of Representatives’ bill.
At 10:43 a.m. ET (1443 GMT), the Dow Jones IndustrialAverage was down 101.54 points, or 0.43 percent, at23,338.16, the S&P 500 was down 9.04 points, or 0.35percent, at 2,575.8 and the Nasdaq Composite was down20.46 points, or 0.3 percent, at 6,737.14.
Nine of the 11 major S&P sectors were lower, led by lossesin energy and materials index. The utility sectorwas the only big gainer.
Shares in Home Depot held steady, while those inoff-price retailer TJX dipped after quarterly reportsthat bore the impact of a violent U.S. hurricane season.
Buffalo Wild Wings surged 24 percent after a reportthat the restaurant chain had received a takeover bid at about$2.3 billion from private equity Roark Capital Group.
Advance Auto Parts soared 20 percent after the autoparts retailer affirmed full-year profit forecast and beatquarterly profit estimates.
Declining issues outnumbered advancers on the NYSE by 1,808to 966. On the Nasdaq, 1,630 issues fell and 1,047 advanced.(Reporting by Sruthi Shankar in Bengaluru; Editing by AnilD’Silva)