* All 3 major U.S. stock averages dip
* Treasury yields slide, yield curve flattens
* Fed expected to cut rates, investors eye Powell remarks (Updates to U.S. market open, changes dateline (was LONDON), byline)
By Stephen Culp
NEW YORK, Oct 30 (Reuters) - Wall Street fell and U.S. Treasury yields dipped as data showed weakening U.S. economic growth and investors looked to an expected rate cut from the Federal Reserve.
Investor sentiment was also muted in European and emerging markets in the wake of underwhelming earnings and renewed uncertainties in Britain, which is set to hold a parliamentary election on Dec. 12. Wall Street, a spate of mixed corporate earnings results and a decline in the U.S. GDP growth rate kept investors cautious. Market participants will scrutinize Fed chair Jerome Powell's remarks later in the session for clues to future economic policy.
The Commerce Department's advance reading of third-quarter GDP USGDPA=ECI showed the U.S. economy expanded at a 1.9% annual rate, down from 2% in the second quarter but exceeding the 1.6% growth rate analysts expected. looks like a wait and see market," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "And we're trading in a narrow range as investors see how the Fed will thread the needle between being supportive of financial markets if the economy weakens or allowing growth to develop organically."
The Dow Jones Industrial Average .DJI fell 24.7 points, or 0.09%, to 27,046.72, the S&P 500 .SPX lost 3.54 points, or 0.12%, to 3,033.35 and the Nasdaq Composite .IXIC dropped 14.26 points, or 0.17%, to 8,262.59.
The pan-European STOXX 600 index .STOXX lost 0.08% and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.14%.
Emerging market stocks lost 0.43%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.31% lower, while Japan's Nikkei .N225 lost 0.57%.
Treasury yields were lower following the U.S. GDP data. Benchmark 10-year notes US10YT=RR last rose 11/32 in price to yield 1.7979%, from 1.835% late on Tuesday.
The 30-year bond US30YT=RR last rose 31/32 in price to yield 2.2855%, from 2.331% late on Tuesday.
The dollar was flat against a basket of major world currencies. The dollar index .DXY fell 0.01%, with the euro EUR= up 0.09% to $1.112.
The Japanese yen strengthened 0.01% versus the greenback at 108.89 per dollar, while Sterling GBP= was last trading at $1.2868, up 0.02% on the day.
Oil prices fell on worries about a possible delay in resolving the U.S.-China trade war, which has hurt global oil demand. crude CLcv1 fell 1.58% to $54.66 per barrel and Brent LCOcv1 was last at $60.62, down 1% on the day.
Gold prices firmed after touching a one-week low in the previous session. gold XAU= added 0.5% to $1,494.38 an ounce.
Copper CMCU3 lost 0.12% to $5,920.50 a tonne.
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