US STOCKS-Futures dip after two-day climb; ISM services data due


* ISM Services data due

* GT Advanced jumps on deal with Apple

* Futures off: Dow 47 pts, S&P 4.5 pts, Nasdaq 9.25 pts

By Chuck Mikolajczak

NEW YORK, Nov 5 (Reuters) - U.S. stock index futures dippedon Tuesday ahead of data on the services sector, putting the S&P500 on pace to halt a two-day streak of gains.

The Institute for Supply Management will release its Octobernon-manufacturing index at 10:00 a.m. ET (1500 GMT). Economistsin a Reuters survey forecast a reading of 54.0 versus 54.4 inSeptember.

Data will be closely watched this week to gauge the healthof the economy; these include readings on gross domestic productand payrolls that were delayed by a government shutdown inOctober.

The Federal Reserve has indicated it will not begin to pareits bond-buying program of $85 billion in long-term assets permonth until the economy shows signs of improvement, a mantrasupported by three central bankers on Monday.

The S&P 500 is up 24 percent for the year and the Dow is up 19.3 percent, putting both indexes on track fortheir best yearly performances since 2003, largely driven by thestimulus measures of the Fed.

"In part what has allowed this to be such a successful yearfor stocks has been the Fed's commitment to make otheralternatives unappealing," said Rick Meckler, president ofinvestment firm LibertyView Capital Management in Jersey City,New Jersey.

"The question is how you extract yourself from it and whenthey do extract themselves from it will they have built a solidenough base of equity investors or will it just come tumblingback down."

S&P 500 futures fell 4.5 points and were below fairvalue, a formula that evaluates pricing by taking into accountinterest rates, dividends and time to expiration on thecontract. Dow Jones industrial average futures lost 47points and Nasdaq 100 futures shed 9.25 points.

GT Advanced Technologies jumped 21.1 percent to$10.15 in premarket trading after the company said Apple Inc will open a manufacturing facility in Arizona inpartnership with the mineral crystal specialist to make sapphirematerials for Apple's electronic devices.

CVS Caremark Corp gained 2.5 percent to $63.55 inpremarket trade after the drugstore operator and pharmacybenefits manager posted a higher-than-expected quarterly profitand raised its forecast for the year.

Leapfrog Enterprises Inc slid 10 percent to $7.80before the opening bell after the toy company cut its full-yearsales forecast.

Other S&P 500 companies expected to post earnings includeFossil Inc and C.H. Robinson Worldwide Inc.

With 75 percent of S&P 500 companies having reported resultsthrough Monday morning, 69 percent have topped Wall Street'sexpectations, above the long-term average of 63 percent. Just 53percent have topped revenue forecasts, below the 61 percentaverage since 2002, Thomson Reuters data showed.

European shares set new five-year highs before dipping inthe wake of mixed blue-chip results, with uncertainty in therun-up to an ECB policy meeting also keeping investor enthusiasmin check.

Asian shares sagged after hawkish comments from China'spremier ahead of a key Communist Party meeting, thoughexpectations that the U.S. Federal Reserve will maintain itsstimulus for a while limited losses.

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