* Energy shares weaker as oil dips
* Netflix slips ahead of quarterly report
* Fed's Fischer says "not that simple" to raise rates
* Indexes down: Dow 0.29 pct, S&P 0.3 pct, Nasdaq 0.27 pct
(Updates to late afternoon trading, changes byline)
By Chuck Mikolajczak
NEW YORK, Oct 17 (Reuters) - Wall Street ended modestly
lower on Monday as energy stocks retreated along with oil
prices, while Amazon and Netflix weighed on the consumer
Federal Reserve Vice Chairman Stanley Fischer warned that
economic stability could be threatened by low interest rates and
noted the central bank is "very close" to its employment and
inflation targets, but said it was "not that simple" for the Fed
to raise rates.
The comments from Fischer, a dove who has supported a rate
hike, come as other Fed officials have recently said the current
state of affairs may be about as good as it gets.
Conflicting statements on the timing of a rate hike from
some Fed officials has been adding to uncertainty in markets,
which have been grappling with changing dynamics in a tumultuous
U.S. presidential election and nervousness regarding
"Fischer's stature is second only to Janet Yellen so when he
speaks, people are going to pay closer attention to what he is
saying," said Art Hogan, chief market strategist at Wunderlich
Securities in New York.
"To me, it is different slices of the same apple - we've got
a Fed that desperately wants to raise rates one more time this
year and that probably happens in December."
Energy stocks were 0.6 percent lower as U.S. oil
prices settled down 0.8 percent at $49.94 while Brent
crude settled down 0.8 percent at $51.52 a barrel. Oil
prices were weighed down by oversupply concerns, although losses
were curbed amid a projected drop in American shale
The Dow Jones industrial average fell 51.98 points,
or 0.29 percent, to 18,086.4, the S&P 500 lost 6.48
points, or 0.3 percent, to 2,126.5 and the Nasdaq Composite
dropped 14.34 points, or 0.27 percent, to 5,199.82.
Investors are looking for corporate profits to turn a corner
in the third-quarter after a string of declines. With 7 percent
of S&P 500 companies having reported through Monday morning,
expectations are for a decline of 0.1 percent for the quarter,
an improvement from the 0.5 percent decline expected on Oct. 1,
according to Thomson Reuters data.
Bank of America Corp shares edged up 0.3 percent as
its profit rose for the first time in three quarters and topped
Netflix Inc fell 1.6 percent ahead of its expected
quarterly results, while Amazon.com Inc lost 1.2
percent, for its third straight decline, which pulled the
consumer discretionary sector 0.8 percent lower.
After the close, shares of the subscription video service
surged about 20 percent in the wake of its results.
Hasbro Inc, was a bright spot among discretionary
stocks during the session, surging 7.4 percent after the
toymaker's better-than-expected quarterly report.
Declining issues outnumbered advancing ones on the NYSE by a
1.51-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners.
The S&P 500 posted no new 52-week highs and 7 new lows; the
Nasdaq Composite recorded 24 new highs and 89 new lows.
About 5.15 billion shares changed hands in U.S. exchanges,
below the 6.54 billion daily average over the last 20 sessions.
(Reporting by Chuck Mikolajczak; Editing by Lisa Shumaker and