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* Trade issues "too serious" to be resolved -Lighthizer
* Six of 11 major sectors in red
* Mylan hit by profit miss; Best Buy up on robust profitview
* Indexes off: Dow 0.27 pct, S&P 0.14 pct, Nasdaq 0.10 pct (Updates to early afternoon)
By Shreyashi Sanyal and Medha Singh
Feb 27 (Reuters) - Wall Street's main indexes edged lower onWednesday after U.S. trade representative Robert Lighthizer saidthe United States and China still had hard work ahead to reach atrade deal.
The issues the United States faces with China are "tooserious" to be resolved by promises to purchase more U.S. goodsand structural changes by China is needed, Lighthizer told aCongressional hearing. urn:newsml:reuters.com:*:nL1N20M0XG
They are the first public comments from the U.S.'s leadnegotiator since President Donald Trump said on Sunday he woulddelay a self-imposed March 1 deadline to raise tariffs onChinese imports, citing progress in the talks.
"When news like this comes out from the White House that westill have ways to go it sounds the alarm bells and these peoplewho are optimistic suddenly go on the defensive," said RyanNauman, market strategist at Informa Financial Intelligence inZephyr Cove, Nevada.
Markets started on a weaker footing after the secondU.S.-North Korean nuclear summit kicked off in Vietnam and onheightened tensions between India and Pakistan. urn:newsml:reuters.com:*:nL1N20D02Gurn:newsml:reuters.com:*:nL3N20M2TH
Of the 11 major S&P sectors, six were trading lower, with a0.24 percent fall in technology stocks .SPLRCT weighing themost. Microsoft CorpMSFT.O and Intel CorpINTC.O were thebiggest drags on the sector.
At 12:49 p.m. ET the Dow Jones Industrial Average .DJI wasdown 71.34 points, or 0.27 percent, at 25,986.64, the S&P 500 .SPX was down 4.00 points, or 0.14 percent, at 2,789.90 andthe Nasdaq Composite .IXIC was down 7.69 points, or 0.10percent, at 7,541.61.
However, losses on the S&P 500 were limited as a rise in oilprices boosted the energy sector .SPNY , which rose 0.74percent. Exxon Mobil CorpXOM.N and Chevron CorpCVX.N roseabout 1 percent each. O/R
Federal Reserve Chair Jerome Powell testified before theHouse Financial Services Committee on Wednesday. He had stood bythe central bank's "patient" stance on interest rates in histestimony to a Senate panel on Tuesday. urn:newsml:reuters.com:*:nL1N20L0TS
Optimism on the trade front and dovish signals from the Fedhave boosted equities in recent weeks, with the S&P 500 indexjust 5 percent away from its record closing high hit in lateSeptember.
Shares of Mylan NVMYL.O sank 12.8 percent and drove a0.38 percent fall in the healthcare sector .SPXHC after thegeneric drugmaker missed quarterly profit estimates and forecastweak 2019 earnings. urn:newsml:reuters.com:*:nL1N20L29T
Best Buy Co IncBBY.N jumped 16.8 percent after theconsumer electronics retailer beat analysts' estimates forquarterly same-store sales, while announcing a hike in dividendand a plan to buy back shares urn:newsml:reuters.com:*:nL3N20M4F8
Investors also awaited Commerce Department's advancefourth-quarter gross domestic product report on Thursday, whichwill include some of the data that would normally go into thesecond GDP estimate. urn:newsml:reuters.com:*:nL1N2011EG
Declining issues outnumbered advancers for a 1.23-to-1 ratioon the NYSE. Advancing issues outnumbered decliners by a1.01-to-1 ratio on the Nasdaq.
The S&P index recorded 16 new 52-week highs and three newlows, while the Nasdaq recorded 40 new highs and 21 new lows. (Reporting by Shreyashi Sanyal and Medha Singh in Bengaluru;Editing by Anil D'Silva) ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ;Reuters Messaging:Shreyashi.Sanyal.email@example.com))