US STOCKS-Yellen warning, bond anxiety send Wall Street lower
* Yellen: Risks "moderated, not elevated"; no bubbles forming
* Private employers add fewest jobs since Jan 2014
* Tech stocks weigh; energy stocks shed most gains
* Indexes down: Dow 0.7 pct, S&P 0.7 pct, Nasdaq 0.7 pct (Updates to mid-afternoon)
By Noel Randewich
May 6 (Reuters) - U.S. stocks traded lower on Wednesday afternoon after U.S. Federal Reserve Chair Janet Yellen warned of high valuations, adding to anxiety about a global bond rout and upcoming economic data.
The S&P 500 dipped to its lowest since mid-April after Yellen said high equity valuations could pose dangers, although she also said she does not see any bubbles forming.
With corporate earnings season winding down, U.S. investors are bracing for an April payroll report later this week that could give a hint of when the Fed will begin raising interest rates.
"Everyone is obsessed with the Fed," said Michael Church, president of Addison Capital Management in Philadelphia. "It shouldn't surprise anyone that we didn't break out to new highs this week, given that you had Yellen speaking today and payrolls coming out on Friday." Continuación...