* Fourth-qtr GDP up 2.1 pct vs previous estimate of 1.9 pct
* Apple slips; biggest drag on all three indexes
* Lululemon slumps after weak first-quarter outlook
* Indexes up: Dow 0.12 pct, S&P 0.12 pct, Nasdaq 0.07 pct
(Updates to early afternoon)
By Tanya Agrawal
March 30 U.S. stocks pared gains in early
afternoon trading on Thursday as investors sought fresh triggers
in the run up to the first-quarter earnings.
All the three major indexes were also weighed down by a 0.4
percent drop in Apple's shares to $143.54.
CNBC's Jim Cramer suggested there could be a "pause" in the
stock after Samsung's new Galaxy S8 flagship device received
Economic data earlier in the day showed that the domestic
economy grew at a faster pace in the fourth quarter than
previously estimated. Gross domestic product increased 2.1
percent, compared with the previously reported 1.9 percent, the
Commerce Department said.
The market has been range bound in the past few days after
hitting a series of record highs, powered by President Donald
Trump's pro-growth agenda.
That rally stalled recently as investors assessed the impact
of Republicans' failure to pass a healthcare bill on tax reform
and the rest of Trump's economic agenda.
"We expect the rally to fade today, given intraday
overbought conditions and a lack of positive momentum," said
Katie Stockton, chief technical strategist at brokerage BTIG.
The rapid climb in equities has raised concerns regarding
valuations, with the S&P 500 trading at nearly 18 times earnings
estimates for the next 12 months against its long-term average
of 15 times.
The market will be looking at quarterly earnings to see if
the lofty valuations can be supported. First-quarter earnings
for S&P 500 companies are expected to rise 10.1 percent,
according to Thomson Reuters I/B/E/S.
"The market has been quiet in the past few days and are
looking forward to the first-quarter earnings in the absence of
any major economic data," said Paul Nolte, portfolio manager at
Kingsview Asset Management in Chicago.
At 12:50 a.m. ET (1650 GMT) the Dow Jones Industrial Average
was up 24.98 points, or 0.12 percent, at 20,684.3.
The S&P 500 was up 2.85 points, or 0.12 percent, at
The Nasdaq Composite was up 4.07 points, or 0.07
percent, at 5,901.61.
Seven of the 11 major S&P sectors were higher, with the
financial index's 0.88 percent rise leading the
Lululemon Athletica plunged as much as 23.4 percent
to a more than one-year low of $50.80 after the Canadian yoga
and leisure apparel retailer said first-quarter comparable sales
were expected to fall. The stock was among the biggest drags on
ConocoPhillips rose 7.2 percent to $49.24 after the
company said it agreed to sell oil sands and western Canadian
natural gas assets to Cenovus Energy. Cenovus was down
12.2 percent at $11.48.
Advancing issues outnumbered decliners on the NYSE by 1,593
to 1,250. On the Nasdaq, 1,494 issues rose and 1,278 fell.
The S&P 500 index showed 20 new 52-week highs and one new
low, while the Nasdaq recorded 78 new highs and 16 new lows.
(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)