Updates after markets open

By Sruthi Shankar and Shashwat Chauhan

Feb 20 (Reuters) - The main U.S. stock indexes slipped on Friday after data showed U.S. economic growth slowed more than expected in the fourth quarter, while a separate reading indicated inflation picked up in December.

Investors were also watching for a possible U.S. Supreme Court ruling on President Donald Trump's tariffs that could be handed down at 10:00 a.m. ET. If they are struck down, there is a risk that more than $175 billion in U.S. tariff collections will need to be refunded, according to Penn-Wharton Budget Model economists.

Meanwhile, U.S. economic growth slowed more than expected in the fourth quarter amid disruptions from last year's record government shutdown and moderating consumer spending. The gross domestic product increased at a 1.4% annualized rate last quarter compared to economists' forecast for GDP growth of 3.0%.

Another report showed underlying U.S. inflation increased more than expected in December and signaled further acceleration in January, with traders sticking to bets the Fed will probably deliver its next interest-rate cut in June after the data.

"$(A)$ combination of a little bit lower growth than we were looking for in the GDP release and a little bit higher inflation than we were anticipating in the PCE - that's generally not a good combination for the stock market," said Steve Wyett, chief investment strategist at BOK Financial.

"We don't think the Fed needs to be aggressive in their rate cuts. So on balance, this data that we got today still fits within that narrative."

S&P Global's business activity survey and the University of Michigan's consumer sentiment data are also due later in the day.

At 09:32 a.m. ET, the Dow Jones Industrial Average .DJI fell 105.01 points, or 0.21%, to 49,290.15, the S&P 500 .SPX lost 16.50 points, or 0.24%, to 6,845.39, and the Nasdaq Composite .IXIC lost 66.81 points, or 0.29%, to 22,615.92.

Eight of the 11 S&P sectors declined, with information technology .SPLRCT and consumer discretionary .SPLRCD leading losses.

Most megapcap and growth stocks including Tesla TSLA.O and Nvidia NVDA.O were trading lower.

Private capital firm Blue Owl Capital OWL.N shed 6.5% after falling 5.9% in the last session, when the company's latest strategy to return capital from a small debt fund and permanently halt redemptions at one of the funds rattled investors and dragged peers down.

Other private equity firms including KKR & Co KKR.N and Apollo Global Management APO.N also fell around 1% each.

Technology stocks have been pressured in recent months due concerns over high valuations and limited evidence that massive investments in AI were paying off. Sectors ranging from software to real estate were hammered last week by concerns that new AI models could upend their business models.

Akamai Technologies AKAM.O slid 7.8% after the cloud company forecast first-quarter adjusted profit below Wall Street estimates.

Copart CPRT.O lost 9.5% after the online vehicle auction services provider posted a decline in second-quarter profit and revenue.

Declining issues outnumbered advancers by a 1.29-to-1 ratio on the NYSE and by a 1.67-to-1 ratio on the Nasdaq.

The S&P 500 posted five new 52-week highs and three new lows, while the Nasdaq Composite recorded 14 new highs and 35 new lows.

(Reporting by Sruthi Shankar and Shashwat Chauhan in Bengaluru; Editing by Pooja Desai)

((sruthi.shankar@thomsonreuters.com; Sh))