US STOCKS-Wall St dips as small-caps underperform again
* Russell 2000 approaches correction territory again
* J.C. Penney, Nordstrom soar a day after results
* Dow off 0.1 pct; S&P 500 off 0.1 pct; Nasdaq down 0.3 pct (Updates to midday, adds Pfizer and Chesapeake news)
By Ryan Vlastelica
NEW YORK, May 16 (Reuters) - U.S. stocks slipped on Friday, trimming some of their earlier declines after some positive earnings, though investors remained wary of lingering weakness in small-cap names.
Despite the S&P 500 hitting a record on Tuesday, the indexes were on track for a negative week, with small-caps down for a fourth straight session.
The Russell 2000 briefly entered correction territory on Thursday, defined as a 10 percent decline from a recent high. It subsequently pulled back and is 9.6 percent below its high, suggesting that the level is serving as support.
Still, the Russell 2000 is solidly below its 200-day moving average, a sign of weak momentum, and investors are worried that prolonged weakness in small-cap names could be a precursor of broader losses. The Russell 2000 was down 0.4 percent at midday on Friday.
"We're in the middle of a rolling sector correction, where some areas of the market are performing better than others," said Jerry Harris, president of asset management at Sterne Agee in Birmingham, Alabama, who noted that the S&P 500 hit an all-time record on Tuesday. Continuación...