US STOCKS-S&P 500, Dow decline after recent gains; Nasdaq hits 10,000

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* Broad pullback led by cyclical stocks
* Nasdaq at record high for third session
* Fed's two-day policy meeting kicks off
* Dow falls 0.9%, S&P down 0.6%, Nasdaq rises 0.5%

(Updates to late afternoon)
By Caroline Valetkevitch
June 9 (Reuters) - The S&P 500 and Dow fell on Tuesday after
recent strong gains, while the Nasdaq extended its record run
and briefly rose above the 10,000 mark for the first time.
Investors eyed this week's Federal Reserve meeting. While no
major policy announcements are expected when the U.S. central
bank wraps up its two-day meeting on Wednesday, investors will
scrutinize its remarks on the health of the economy, which has
been reopening after coronavirus-related closures.
The benchmark S&P 500, which erased its losses for the year
on Monday, is about 5% below its own all-time high.
The Nasdaq hit a record intraday high for the third straight
session. On Monday, it set a closing high and became the first
of Wall Street's main indexes to confirm a new bull market after
hitting a low on March 23.
"It strikes me as maybe a reflexive selloff as a result of a
tremendous rally over the past week. There's no news headline
that screams bearish catalyst to me. But conversely, other than
the nonfarm payrolls data, the past two weeks haven't had super
bullish catalysts either," said Mike Zigmont, head of trading at
Harvest Volatility Management in New York.
"In the grand scheme of things, it seems like the market has
caught a bullish fever, and it's feeding on itself."
The rally in U.S. stocks accelerated last week after
strikingly upbeat May jobs data strengthened views that the
worst of the economic fallout from the pandemic was over.
Financial .SPSY , industrial .SPLRCI and energy .SPNY
stocks, which have surged in recent weeks on hopes of an
improved economic outlook, were the biggest drags on the
benchmark S&P 500.
The Dow Jones Industrial Average .DJI fell 241.63 points,
or 0.88%, to 27,330.81, the S&P 500 .SPX lost 20.34 points, or
0.63%, to 3,212.05 and the Nasdaq Composite .IXIC added 46.28
points, or 0.47%, to 9,971.02.
U.S. financial market operators, including the New York
Stock Exchange, held a moment of silence in honor of George
Floyd, a 46-year-old African American who died on May 25 after a
white police officer knelt on his neck for nearly nine minutes.
The S&P 1500 airlines index .SPCOMAIR tumbled, while
cruise operators Carnival Corp CCL.N and Norwegian Cruise Line
Holdings Ltd NCLH.N fell following their recent sharp recovery
amid recent signs of a pickup in global travel.
The closely watched U.S. yield curve US2US10=TWEB
steepened the most since March as U.S. data improved.
Declining issues outnumbered advancing ones on the NYSE by a
3.15-to-1 ratio; on Nasdaq, a 1.76-to-1 ratio favored decliners.
The S&P 500 posted 9 new 52-week highs and no new lows; the
Nasdaq Composite recorded 45 new highs and one new lows.