* Third-quarter GDP growth revised up to 3.2 pct rate
* Oil prices fall ahead of Wednesday's OPEC meeting
* Tiffany rises after first rise in sales in eight quarters
* Futures up: Dow 11 pts, S&P 1.25 pts, Nasdaq 2.5 pts
(Adds details, comment, updates prices)
By Tanya Agrawal and Anya George Tharakan
Nov 29 U.S. stocks looked set to open little
changed on Tuesday, a day after stocks posted their worst
performance in nearly a month, as a post-election rally appeared
to have run its course.
Investors fretted about a near 3 percent drop in oil prices
as OPEC producers struggled to agree to a production freeze to
reduce global oversupply.
As many as eighteen of the top 20 percentage losers among
S&P components in premarket trading were either miners or oil
and gas producers or providers of services to the energy
Wall Street closed lower on Monday, dragged down by
financial and consumer discretionary sectors, as some investors
booked profits on the heels of a record-setting week.
U.S. stocks have rallied since Donald Trump's victory in the
presidential election, with the S&P 500 up nearly 3 percent, as
investors expect his plans to increase infrastructure spending,
cut corporate taxes and reduce regulation to boost the economy.
"I believe that the strong rally has now played out, and now
we're going to have a choppy market," said Andre Bakhos,
managing director at Janlyn Capital.
"The market is looking for a keyhole view into a Trump
economic world and until we get clarity, we're going to have
Data showed the U.S. economy grew faster than initially
thought in the third quarter.
Gross domestic product increased at a 3.2 percent annual
rate instead of the previously reported 2.9 percent pace, the
Commerce Department said in its second GDP estimate.
Dow e-minis were up 11 points, or 0.06 percent, with
20,684 contracts changing hands at 8:32 a.m. ET (1332 GMT).
S&P 500 e-minis were up 1.25 points, or 0.06 percent,
with 110,539 contracts traded.
Nasdaq 100 e-minis were up 2.5 points, or 0.05
percent, on volume of 14,183 contracts.
An S&P CoreLogic Case-Shiller report is expected to show its
20-city index rose 5.2 percent in September, while another
report at 10 a.m. ET is expected to show that consumer
confidence increased in November.
Fed Governor Jerome Powell will speak on the economic
outlook in Indiana at 12:40 p.m. ET.
Traders are pricing in an 89 percent chance for a rate hike
in December, according to Thomson Reuters data. The Fed next
meets on Dec. 13-14.
Tiffany was up 5.1 percent at $82.13 after the
upscale jeweler reported its first rise in sales in eight
Shoe Carnival fell 13.5 percent to $26.20 after the
footwear retailer reported lower-than-expected third-quarter
UnitedHealth rose 2.5 percent to $156 after the
health insurer updated its outlook.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)