By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

Second-quarter GDP growth revised higher

U.S. stocks pulled back Thursday after two straight days of gains as the initial euphoria over a preliminary agreement on oil output faded and crude prices stabilized.

The S&P 500 futures were off by 4 points, or 0.2% at 2,168 with most of the main sectors trading lower. Utilities and health care stocks were leading losses.

The Dow Jones Industrial Average declined 13 points, or 0.1% to 18,330.

The Nasdaq Composite index declined 9 points, or 0.2% to 5,309.

"People are having some doubts about OPEC agreement, but also reacting to a new uncertainty coming from tensions between India and Pakistan," said Ian Winer, director of equity trading at Wedbush Securities.

Stock-index futures didn't react to a number of economic reports ahead of the opening bell, including the second revision to the second-quarter economic growth.

The U.S. economy grew (http://www.marketwatch.com/story/second-quarter-gdp-raised-to-14-from-11-2016-09-29)at a fractionally faster pace during spring, a government report said. Meanwhile, weekly jobless claims rose slightly (http://www.marketwatch.com/story/jobless-claims-rise-slightly-to-254000-2016-09-29), but remained at historically low levels.

The main indexes rose Wednesday fuelled by a surge in oil prices that boosted energy shares. The Organization of the Petroleum Exporting Countries reached an "understanding" over limiting crude production and is considering cutting output to between 32.5 million and 33 million barrels a day, The Wall Street Journal reported (http://www.marketwatch.com/story/opec-reaches-agreement-on-need-to-cut-oil-output-2016-09-29).

The price of West Texas Intermediate crude surged 5% on the news Wednesday, driving energy stocks higher. But oil prices were unchanged at $47 a barrel Thursday as doubts lingered over the details of the planned agreement.

Read:Doubts linger over OPEC's preliminary deal on output (http://www.marketwatch.com/story/doubts-linger-over-opecs-preliminary-deal-on-oil-output-2016-09-28)

Oil prices are still facing a "major range boundary that mirrors broader consolidation trends in the financial sector," said John Kicklighter, chief currency strategist at DailyFX, in a note to clients.

"It will take more than a cap on supply from even this large producer of a vital commodity to change the sentiment of the entire financial system; and developing a trend independent of general congestion is fraught with danger," said Kicklighter.

Markets rallied across Asia and Europe and the Japanese yen fell (http://www.marketwatch.com/story/yen-pulls-back-dollar-higher-as-investor-appetite-for-risk-heats-up-2016-09-29) as oil-price gains triggered an appetite for riskier assets such as stocks. The yen is traditionally viewed as place to hide when investors fear economic or global uncertainty.

Busy day for economic data, Fed speakers: Initial jobless claims rose 3,000 to 254,000 in late September, but remained below 300,000 for 82 straight weeks, pointing to a steadily improving labor market.

Meanwhile, revised data suggest that the economy's performance in the spring was slightly better than expected, as business investment wasn't nearly as weak as previously reported. The gross domestic product grew a 1.4% pace in the second quarter.

The Fed lineup includes: Philadelphia Fed President Patrick Harker, who will speak on the economic and monetary policy outlook at a Global Interdependence Center event in Dublin, Ireland at 5 a.m. Eastern. Then Atlanta Fed President Dennis Lockhart will speak at the 2016 Future of Florida forum in Orlando at 8:50 a.m. Eastern.

Fed Gov. Jerome Powell will give a speech at the St. Louis Fed community banking research conference at 10 a.m. Eastern. Later, Minneapolis Fed President Neel Kashkari will participate in a town hall on economic development in Rapid City, South Dakota at 2 p.m. Eastern

Finally, Fed Chairwoman Yellen will take part in a videoconference for the Kansas City Fed at 4 p.m. Eastern.

Read:Government shutdown avoided after Congress passes short-term spending bill (http://www.marketwatch.com/story/government-shutdown-avoided-for-now-after-congress-passes-short-term-spending-bill-2016-09-29)

Stocks to watch:PepsiCo Inc.(PEP)(PEP)rose 1.2% after the soft-drinks maker posted a jump in third-quarter profit.

ConAgra Foods Inc.(CAG) shares surged 6.5% after the company swung to a first-quarter profit after a steep loss in the same period last year.

Costco Wholesale Corp.(COST) results are due after the closing bell.

Inter-Cellular Therapies Inc.(ITCI) shares plunged 64%over news of a disappointing performance in a clinical trial of its schizophrenia drug (http://www.marketwatch.com/story/intra-cellular-therapies-shares-plunge-68-after-study-results-2016-09-28).

(http://www.marketwatch.com/story/intra-cellular-therapies-shares-plunge-68-after-study-results-2016-09-28)EBay Inc.(EBAY) shares rose over 4% after Deutsche Bank reportedly upgraded shares to buy with a $40 per share price target.

(http://www.marketwatch.com/story/intra-cellular-therapies-shares-plunge-68-after-study-results-2016-09-28)Progress Software Corp.(PRGS) fell 6.3% after the software company missed fiscal third-quarter sales and earnings forecasts (http://www.marketwatch.com/story/progress-software-shares-fall-9-after-results-miss-targets-2016-09-28).

Pier 1 Inc.(PIR) rallied 6.3% in late trade after posting narrower-than-expected losses (http://www.marketwatch.com/story/pier-1-shares-rise-on-narrower-than-expected-losses-2016-09-28).

Other markets: The Stoxx Europe 600 index rose 0.6%, led by banks and energy stocks. Asian markets (http://www.marketwatch.com/story/energy-related-stocks-help-rally-asia-markets-as-investors-cheer-opec-deal-2016-09-29) also performed well, led by a 1.38% close higher for the Nikkei 225 index , which was lifted by gains for exporters, energy companies and a weak yen.

Gold futures drifted lower, down 0.3% at $1,320 as the dollar inched higher. Dollar-priced assets tend to move inversely to the greenback.

(END) Dow Jones Newswires

September 29, 2016 10:03 ET (14:03 GMT)

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