* Financial stocks flat ahead of bank earnings next week
    * Energy stocks log biggest losses as oil prices drop
    * GM surges on upbeat 2019 earnings outlook 
    * Indexes dip: Dow 0.20 pct, S&P 500 0.14 pct, Nasdaq 0.28
pct

 (Updates to afternoon)
    By Noel Randewich
    Jan 11 (Reuters) - Falling energy shares late on Friday
jeopardized continuation of Wall Street's five-session rally as
investors looked ahead to earnings season, which will kick off
with Citigroup, JPMorgan and other big banks next week.
    Underpinned by optimism over China-U.S. trade talks and
expectations of a slow pace of interest rate hikes from the
Federal Reserve, the stock market's recent winning streak added
6 percent to the S&P 500  .SPX  and left it up about 10 percent
from the 20-month low it hit around Christmas.
    "We've clawed our way back and now the market is just
waiting ahead of the start of earnings season next week," said
Donald Selkin, Chief Market Strategist at Newbridge Securities
in New York. "We're just drifting."
    The S&P energy index  .SPNY  dipped 0.84 percent, leading
declines among 11 sectors as oil prices  LCOc1  dropped after
nine days of gains.  O/R  
    The financial index  .SPSY  climbed 0.16 percent. Citigroup
Inc  C.N , which will report earnings on Monday, rose 1 percent
after agreeing to give shareholder ValueAct Capital more access
to its books and board of directors.  urn:newsml:reuters.com:*:nL1N1ZB0MU
    JPMorgan Chase & Co  JPM.N , which reports on Tuesday,
dipped 0.41 percent.
    U.S. stocks took a severe beating in the last quarter of
2018 due to worries over trade, rate hikes and a slowdown in
global growth. 
    Analysts expect S&P 500 companies' earnings per share to
grow by 6.4 percent this year, compared with 23.5 percent in
2018, when they were supercharged by newly enacted corporate tax
cuts, according to IBES data from Refinitiv.
    General Motors  GM.N  on Friday gave a strong earnings
forecast for 2019, sending the automaker's shares surging 7.6
percent.  urn:newsml:reuters.com:*:nL3N1ZB3X2
    At 2:44 pm ET, the Dow Jones Industrial Average  .DJI  was
down 0.2 percent at 23,954.39 points, while the S&P 500  .SPX 
was 0.14 percent lower at 2,592.88.
     The Nasdaq Composite  .IXIC  dropped 0.28 percent to
6,966.74.
    Netflix Inc  NFLX.O  rose 4.1 percent, bringing its gain in
2019 to 26 percent, helped by analysts' optimistic forecasts for
subscriber growth ahead of its earnings next week.  urn:newsml:reuters.com:*:nL3N1ZB3KW
    Activision Blizzard Inc  ATVI.O  slumped 9.7 percent, the
most on the S&P 500, after it transferred publishing rights for
its "Destiny" video game franchise to Bungie.  urn:newsml:reuters.com:*:nL3N1ZB3H2
    Advancing issues outnumbered declining ones on the NYSE by a
1.06-to-1 ratio; on the Nasdaq, a 1.12-to-1 ratio favored
advancers.
    The S&P 500 posted no new 52-week highs or lows; the Nasdaq
Composite recorded 18 new highs and 8 new lows.

 (Additional reporting by Sruthi Shankar in Bengaluru)
 ((noel.randewich@tr.com; Twitter handle: @randewich  (415) 677
2542; Reuters Messaging:
noel.randewich.thomsonreuters.com@reuters.net))