(Drops extraneous word in headline)
* Consumer stocks lead slide, health stocks follow
* Walgreens, Conagra drop after quarterly results
* Nasdaq flat, helped by slim gains in Facebook, Amazon
* Accenture down on disappointing full-year outlook
By Medha Singh
Dec 20 (Reuters) - U.S. stocks slipped on Thursday,continuing their declines from a day earlier, as a batch ofdisappointing earnings reports added to the gloom after theFederal Reserve quashed hopes of a toned-down approach to itsinterest-rate hike trajectory.
The Fed raised interest rates on Wednesday and projected twohikes next year, instead of three, but what spooked the marketswas Fed Chairman Jerome Powell saying the central bank wouldkeep its balance sheet reduction on autopilot. urn:newsml:reuters.com:*:nL1N1YO1RJ
The specter of rising borrowing costs only added to concernsof slowing corporate profit growth next year as economic growthslackens, with increasing fears of a recession, in the backdropof the China-U.S. trade war and other geopolitical concerns.
Eight of the 11 major S&P sectors were lower, led byconsumer staples .SPLRCS falling 1.27 percent and consumerdiscretionary .SPLRCD down 0.52 percent.
Healthcare stocks .SPXHC also took a beating, sliding 0.50percent, while a drop in crude oil prices pulled down the energyindex .SPNY 0.30 percent.
"All people are talking about today is the aftermath of theFed hike. The fact that Fed just killed the notion that they arehere to backstop the market," said Michael Antonelli, managingdirector, institutional sales trading at Robert W. Baird inMilwaukee.
"People are just trying to fall back on technicals now thatfundamentals seem a little chaotic. We're still dealing with astock market crash and it's going to be with us for a while.This isn't going to end in a quick fashion."
At 10:02 a.m. ET, the Dow Jones Industrial Average .DJI was down 146.17 points, or 0.63 percent, at 23,177.49 and theS&P 500 .SPX was down 9.37 points, or 0.37 percent, at2,497.59.
The Nasdaq Composite .IXIC was down 1.71 points, or 0.03percent, at 6,635.11, helped by a jump in some marquee namessuch as Facebook IncFB.O and Amazon.com IncAMZN.O .
The Dow Jones Transport Average .DJT , considered abarometer of economic activity, was flat after ending Wednesdaynearly 21 percent below its record high, in bear territory.
While 298 of the S&P 500 components also ended in bearterritory, the index itself is some way off. But the S&P, Dowand Nasdaq are in correction territory, 10 percent or more belowrecent record highs.
Earnings reports also were not encouraging.
Shares of Walgreens Boots Alliance IncWBA.O dropped 1.8percent as the drugstore chain's same-store sales missedestimates. urn:newsml:reuters.com:*:nL3N1YP469
Conagra Brands IncCAG.N fell 8.8 percent, the most on theS&P, after the packaged foods maker's sales missed estimates ondelayed shipments and weak demand. urn:newsml:reuters.com:*:nL3N1YP49D
Accenture PlcACN.N fell 2.8 percent as its full-yearrevenue and profit outlook largely fell below estimates. urn:newsml:reuters.com:*:nL3N1YP43Y
Declining issues outnumbered advancers for a 1.52-to-1 ratioon the NYSE and a 1.24-to-1 ratio on the Nasdaq.
The S&P index recorded no new 52-week highs and 121 newlows, while the Nasdaq recorded two new highs and 351 new lows. (Reporting by Medha Singh in Bengaluru; Editing by ShounakDasgupta) ((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780,outside U.S. +91 80 6749 1130; Reuters Messaging:email@example.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.