* Third-quarter GDP growth revised up to 3.2 pct rate
* Oil prices fall ahead of Wednesday's OPEC meeting
* Tiffany rises after first increase in sales in 8 quarters
* Dow down 0.04 pct, S&P up 0.02 pct, Nasdaq up 0.14 pct
(Updates to open)
By Tanya Agrawal and Anya George Tharakan
Nov 29 U.S. stocks were little changed in early
trading on Tuesday as a sharp drop in oil prices weighed on
energy stocks, while a rise in healthcare stocks helped limit
Oil fell nearly 4 percent as major exporters struggled to
agree to a production freeze to reduce global oversupply ahead
of an OPEC meeting on Wednesday.
All components of the S&P energy index, which led
the decliners with a 2 percent fall, were in the red.
Oil major Chevron was down 1.1 percent, while Exxon
slipped 0.7 percent. The stocks were among the biggest
drags on the Dow and the S&P.
U.S. stocks closed lower on Monday, their worst performance
in nearly a month, as investors booked profits on the heels of a
Wall Street has rallied since Donald Trump's victory in the
presidential election 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 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.
At 9:44 a.m. ET (1444 GMT) the Dow Jones industrial average
was down 7.23 points, or 0.04 percent, at 19,090.67.
The S&P 500 was up 0.41 points, or 0.02 percent, at
The Nasdaq Composite index was up 7.25 points, or
0.14 percent, at 5,376.07.
Six of the 11 major S&P sectors were higher, with the
healthcare index's 0.63 percent rise leading the
UnitedHealth's 2.1 percent rise helped boost the
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 5.6 percent at $82.48 after the
upscale jeweler reported its first rise in sales in eight
Shoe Carnival fell 12.4 percent to $26.91 after the
footwear retailer reported lower-than-expected third-quarter
Advancing issues outnumbered decliners on the NYSE by 1,433
to 1,181. On the Nasdaq, 1,390 issues rose and 845 fell.
The S&P 500 index showed six new 52-week highs and no new
lows, while the Nasdaq recorded 32 new highs and seven new lows.
(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)