* Financial stocks flat ahead of bank earnings next week
* Energy stocks log biggest losses as oil prices drop
* GM surges on upbeat 2019 earnings outlook
By Noel Randewich
Jan 11 (Reuters) - Falling energy shares late on Fridayjeopardized continuation of Wall Street's five-session rally asinvestors looked ahead to earnings season, which will kick offwith Citigroup, JPMorgan and other big banks next week.
Underpinned by optimism over China-U.S. trade talks andexpectations of a slow pace of interest rate hikes from theFederal Reserve, the stock market's recent winning streak added6 percent to the S&P 500 .SPX and left it up about 10 percentfrom the 20-month low it hit around Christmas.
"We've clawed our way back and now the market is justwaiting ahead of the start of earnings season next week," saidDonald Selkin, Chief Market Strategist at Newbridge Securitiesin New York. "We're just drifting."
The S&P energy index .SPNY dipped 0.84 percent, leadingdeclines among 11 sectors as oil prices LCOc1 dropped afternine days of gains. O/R
The financial index .SPSY climbed 0.16 percent. CitigroupInc C.N , which will report earnings on Monday, rose 1 percentafter agreeing to give shareholder ValueAct Capital more accessto its books and board of directors.
JPMorgan Chase & CoJPM.N , which reports on Tuesday,dipped 0.41 percent.
U.S. stocks took a severe beating in the last quarter of2018 due to worries over trade, rate hikes and a slowdown inglobal growth.
Analysts expect S&P 500 companies' earnings per share togrow by 6.4 percent this year, compared with 23.5 percent in2018, when they were supercharged by newly enacted corporate taxcuts, according to IBES data from Refinitiv.
General MotorsGM.N on Friday gave a strong earningsforecast for 2019, sending the automaker's shares surging 7.6percent.
At 2:44 pm ET, the Dow Jones Industrial Average .DJI wasdown 0.2 percent at 23,954.39 points, while the S&P 500 .SPX was 0.14 percent lower at 2,592.88.
The Nasdaq Composite .IXIC dropped 0.28 percent to6,966.74.
Netflix IncNFLX.O rose 4.1 percent, bringing its gain in2019 to 26 percent, helped by analysts' optimistic forecasts forsubscriber growth ahead of its earnings next week.
Activision Blizzard IncATVI.O slumped 9.7 percent, themost on the S&P 500, after it transferred publishing rights forits "Destiny" video game franchise to Bungie.
Advancing issues outnumbered declining ones on the NYSE by a1.06-to-1 ratio; on the Nasdaq, a 1.12-to-1 ratio favoredadvancers.
The S&P 500 posted no new 52-week highs or lows; the NasdaqComposite recorded 18 new highs and 8 new lows. (Additional reporting by Sruthi Shankar in Bengaluru) ((email@example.com; Twitter handle: @randewich (415) 6772542; Reuters Messaging:firstname.lastname@example.org))