May 25, 2018 / 7:42 PM / 3 months ago

US STOCKS-S&P, Dow fall with energy; chipmakers lift Nasdaq

* U.S.-N.Korea summit on June 12 may still take place -Trump

* U.S. crude drops, weighs on energy stocks

* Foot Locker surges after results; lifts Nike

* Dow down 0.25 pct, S&P down 0.27 pct, Nasdaq up 0.11 pct (Updates to late afternoon)

By Caroline Valetkevitch

NEW YORK, May 25 (Reuters) - The S&P 500 index and the Dow eased on Friday after a steep drop in oil prices pressured energy stocks, but losses were limited by gains in chipmakers and retail stocks.

U.S. crude declined 4 percent to settle at $67.88 per barrel after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.

The S&P energy index slid 2.9 percent, while Chevron dropped 3.7 percent and Exxon Mobil fell 2.1 percent and were the biggest drags on the Dow.

“It’s been a very rough week for oil, and that has weighed (on part) of the market. And the continued pullback in yields have spelled weakness in the financials,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

The S&P 500 banks index fell 0.5 percent after U.S. Treasury yields fell to their lowest level in three weeks.

Stock markets this week have been roiled by trade tensions with China, a U.S. threat of imposing tariffs on imported cars and uncertainty over a U.S.-North Korea summit.

President Donald Trump said on Friday the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after canceling it.

The Dow Jones Industrial Average fell 63.25 points, or 0.25 percent, to 24,748.51, the S&P 500 lost 7.4 points, or 0.27 percent, to 2,720.36 and the Nasdaq Composite added 8.38 points, or 0.11 percent, to 7,432.81.

Trading volumes were thin ahead of the long weekend, with markets shut on Monday for the Memorial Day holiday.

The Nasdaq was boosted by chipmakers, led by a 2.6 percent jump in Broadcom.

A 19.6 percent surge in shares of Foot Locker boosted the consumer discretionary index after the company reported a better-than-expected quarterly profit and lifted shares in Nike, which has a partnership with the footwear retailer.

Declining issues outnumbered advancing ones on the NYSE by a 1.28-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.

The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 100 new highs and 36 new lows. (Additional reporting by Medha Singh and Sruthi Shankar in Bengaluru; editing by Patrick Graham, Sriraj Kalluvila and Jonathan Oatis)

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