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  US STOCKS-Wall St lower after GDP data shows contraction REUTERS   
 

* Q1 GDP data shows economy contracted

* Corporate earnings post biggest fall in a year

* United Rental down 3 pct, weighs on industrials

* Altera near 15-year high of report of Intel interest

* Indexes down: Dow 0.28 pct, S&P 0.19 pct, Nasdaq 0.12 pct (Updates prices)

By Sweta Singh

May 29 (Reuters) - U.S. stocks were lower in morning trading on Friday after data showed the economy shrunk in the first quarter and corporate profits declined the most in a year.

The U.S. government slashed its gross domestic product estimate to show GDP shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month.

Economists had expected GDP would be revised to show a contraction of 0.8 percent.

"Monetary policy from the Fed is forward looking and GDP by definition is a rear view mirror and the important thing now is that it wasn't a big miss," said Adam Sarhan, chief executive of Sarhan Capital in New York.

Investors keep a keen eye on economic data for cues to help narrow down the timing of an increase in interest rates by the Federal Reserve.

"So far, the Fed's been data dependant and the data including today's GDP numbers on average continues to be weaker than expected, which removes imminent threat from the Fed to raise rates," Sarhan said.

With growth estimates so far for the second quarter around 2 percent, the economy appears poised for its worst first half performance since 2011.

The GDP report also showed that corporate profits declined 8.7 percent - the largest drop in a year and the second straight quarterly fall - as the dollar weighed on multinational corporations and oil prices hurt domestic firms.

Greece's ability to strike a deal with its euro zone partners by Sunday also weighed on global markets.

A euro zone official said Greece will not be able to get the money still available under its current bailout plan if it does not agree to the outline of a reforms-for-cash deal with creditors by the end of next week.

At 9:55 a.m. ET (1355 GMT), the Dow Jones industrial average was down 50.55 points, or 0.28 percent, at 18,075.57, the S&P 500 was lower by 4.01 points, or 0.19 percent, at 2,116.78 and the Nasdaq Composite was off 6.02 points, or 0.12 percent, at 5,091.95.

Eight of the 10 major S&P 500 sectors were down, with the Industrial sector falling the most at 0.62 percent.

United Rental was the biggest drag on the industrial sector with a 3.9 percent fall to $91.23 after Bank of America Merrill Lynch downgraded the equipment rental company's stock to "underperform" from "neutral".

Rosetta Stone rose 15.7 percent to $7.44 after the education technology company said its board received an expression of interest from RDG Capital Fund Management.

GameStop rose 6.3 percent to $43.52 after the company reported better-than-expected results.

Altera rose as much as 6.1 percent to a near 15-year high of $49.83 after the New York Post reported that Intel was close to buying the chipmaker for about $15 billion. Intel was up 1.2 percent at $34.43.

Decliners outnumbered advancers on the NYSE by 1,769 to 934, for a 1.89-to-1 ratio on the downside. On the Nasdaq, 1,436 issues fell and 885 advanced for a 1.62-to-1 ratio favoring decliners.

The S&P 500 index showed nine new 52-week highs and six new lows, while the Nasdaq recorded 41 new highs and 11 new lows. (Additional reporting by Sayantani Ghosh in Bengaluru; Editing by Savio D'Souza)

Index Watch BSESX | NSEIX 
 International Markets - Oct 28
 NASDAQ 2604.04 -53.39
 DJIA 11504.62 -72.43
 Index - May 29, 3:50 PM
  Current Change
  NIFTY 8433.65 114.65
  SENSEX 27828.44 321.73
  Top Movers
 
 BSE - May 29, 3:55 PM A  B1  B2  
 Company Name
 Current 
 Change % 
 Cummins India L
918.20
7.99
 Thomas Cook (In
250.40
5.85
 United Spirits
3628.90
5.81
 Mahindra & Mahi
1260.20
4.89
 Apollo Tyres Lt
189.85
4.31
 Click here for more
 Top Movers
 NSE - May 29, 3:50 PM
 Company Name
 Current 
 Change % 
 Praj Industries
70.50
20.00
 ARSS Infrastruc
32.90
19.85
 Nitco Tiles Ltd
17.50
14.75
 Ador Welding Lt
235.45
12.66
 Jindal Worldwid
98.60
11.85
 Click here for more
 Worst Shakers
 BSE - May 29, 3:59 PM A  B1  B2  
 Company Name  Current   Change % 
 Gujarat Narmada
64.35
6.26
 Supreme Industr
662.50
5.65
 Britannia Indus
2548.90
4.08
 Escorts Ltd.
111.20
3.22
 Nestle India Lt
6857.10
2.58
 Click here for more
 Worst Shakers
 NSE - May 29, 3:46 PM
 Company Name
 Current 
 Change % 
 Punjab Chemical
236.35
12.93
 Kohinoor Foods
44.90
12.48
 AVT Natural Pro
30.00
10.31
 Eurotex Industr
21.00
10.06
 Celestial Labs
36.65
9.95
 Click here for more
 Top Volume
 BSE - May 29, 3:46 PM  A  B1  B2  
 Code 
 Current 
 Volume 
 Spicejet Ltd.
20.15
5601966
 Unitech Ltd.
14.35
5437428
 Suzlon Energy L
25.20
5040636
 Jindal Steel &
119.40
3797098
 Virtual Global
16.67
3663811
 Click here for more
 Top Volume
 NSE - May 29, 3:46 PM
 Code
 Current 
 Change 
 Bharti Airtel L
425.60
67772603
 Unitech Ltd.
14.30
54394501
 Bharti Infratel
478.85
49319673
 National Therma
136.55
46162264
 United Phosphor
552.65
31587857
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