GLOBAL MARKETS-U.S. stocks, Treasury yields drop ahead of Fed decision

* 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.

On 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 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.

"It 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 fell 24.7 points, or 0.09%, to 27,046.72, the S&P 500 lost 3.54 points, or 0.12%, to 3,033.35 and the Nasdaq Composite dropped 14.26 points, or 0.17%, to 8,262.59.

The pan-European STOXX 600 index lost 0.08% and MSCI's gauge of stocks across the globe shed 0.14%.

Emerging market stocks lost 0.43%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.31% lower, while Japan's Nikkei lost 0.57%.

Treasury yields were lower following the U.S. GDP data. Benchmark 10-year notes last rose 11/32 in price to yield 1.7979%, from 1.835% late on Tuesday.

The 30-year bond 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 fell 0.01%, with the euro up 0.09% to $1.112.

The Japanese yen strengthened 0.01% versus the greenback at 108.89 per dollar, while Sterling 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.

U.S. crude fell 1.58% to $54.66 per barrel and Brent was last at $60.62, down 1% on the day.

Gold prices firmed after touching a one-week low in the previous session.

Spot gold added 0.5% to $1,494.38 an ounce.

Copper lost 0.12% to $5,920.50 a tonne.

(Reporting by Stephen Culp)