US STOCKS-Wall Street slips on jitters before Fed meeting

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* Eli Lily drops after 'mixed' data from mid-stage trial
* Carriers signal recovery in leisure bookings
* Growth stocks outperform value
* Indexes down: Dow 0.42%, S&P 0.44%, Nasdaq 0.26%

(Adds comment, details; updates prices)
By Shashank Nayar and Medha Singh
March 15 (Reuters) - Wall Street's main indexes fell on
Monday in late morning trade as investors awaited cues from the
Federal Reserve this week amid caution over rising borrowing
costs spurred by massive fiscal stimulus.
Delta Air Lines DAL.N , Southwest Airlines LUV.N and
JetBlue Airways JBLU.N said leisure bookings are rising and
offered some of the first concrete signs that the worst may be
over for the airline industry. The S&P 1500 airlines index .SPCOMAIR jumped about 5% to a
one-year high, while other travel-related stocks including
Carnival Corp CCL.N , Wynn Resorts WYNN.O and MGM Resorts
MGM.N gained between 3% and 5%.
The major stock indexes on Friday logged their best week in
six as approval of a $1.9 trillion aid bill and mass
vaccinations accelerated demand for economy-linked stocks such
as banks, energy, materials at the cost of high-growth tech
names.
The major U.S. stock indexes were roiled in recent weeks as
a spike in longer-dated U.S. bond yields due to fears of an
increase in inflation and, in response, a tapering of the Fed's
easy monetary policy worried investors.
"Investors are not in the mood to take on much risk as they
factor in the possibility of higher inflation irrespective of
what central banks say," said Fawad Razaqzada, market analyst
and economist at ThinkMarkets in London.
At the end of Fed's two-day meeting on Wednesday,
policymakers are expected to forecast that the U.S. economy will
grow in 2021 at the fastest rate in decades while reiterating
their dovish stance for the foreseeable future. The yields on benchmark 10-year Treasuries US10YT=RR
ticked lower to 1.60%, below their 13-month peak of 1.64% on
Friday.
At 11:37 a.m. ET, the Dow Jones Industrial Average .DJI
fell 139.06 points, or 0.42%, to 32,639.58, the S&P 500 .SPX
lost 17.38 points, or 0.44%, to 3,926.14 and the Nasdaq
Composite .IXIC lost 35.23 points, or 0.26%, to 13,284.63.
Five of the 11 major S&P sectors were lower, with financials
.SPSY and energy .SPNY leading the losses.
The Russell 2000 growth index .RLG , which consists of
technology stocks, added 0.2% while its counterpart, the value
index .RLV , slipped 0.2%.
Tesla Inc TSLA.O added "Technoking of Tesla" to
billionaire Chief Executive Elon Musk's list of official titles
in a formal regulatory filing that also named finance chief
Zachary Kirkhorn "Master of Coin". Tesla's shares were nearly
flat. Eli Lilly and Co shares LLY.N slumped about 8.5% after
"mixed" results from the drugmaker's mid-stage trial testing its
experimental drug to treat Alzheimer's cast a doubt on the
chances for the drug's accelerated approval, according to
analysts. Declining issues matched advancers on the NYSE and
outnumbered them by a 1.4-to-1 ratio on the Nasdaq.
The S&P 500 posted 69 new 52-week highs and no new low,
while the Nasdaq recorded 315 new highs and 32 new lows.