(Corrects to show in 5th paragraph that dollar rise makes commodities more expensive)
* Pfizer falls, MasterCard rises after earnings reports
* Dollar advances, drags commodities
* Indexes off: Dow 0.1 pct, S&P 0.2 pct, Nasdaq 0.2 pct
* For up-to-the-minute market news see STXNEWS/US
By Chuck Mikolajczak
NEW YORK, May 3 (Reuters) - U.S. stocks dipped on Tuesday as a move higher in the dollar pressured commodity prices and investors weighed the potential for some consolidation in equities after a recent run-up.
The dollar edged off three-year lows as a buildup of bets to sell the currency, based on loose U.S monetary policy, ran out of steam. The dollar index <.DXY>, measured against a basket of major currencies, was last up 0.3 percent. For details, see [ID:nLDE7421B7]
Brent crude
Gold slipped Tuesday from record highs above $1,570 an ounce. The NYSEArca gold bugs index <.HUI> dipped 1.7 percent.
A rise in the greenback saps interest in U.S. dollar-priced commodities as they become more expensive.
"Some of the markets were getting a little overdone," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago.
"Markets gets overbought, dollar is oversold -- yes. You've got a corrective bounce of the dollar coming, it's not a change in trend by any means."
The Dow Jones industrial average <.DJI> dropped 10.25 points, or 0.08 percent, to 12,797.11. The Standard & Poor's 500 Index <.SPX> slipped 2.79 points, or 0.20 percent, to 1,358.43. The Nasdaq Composite Index <.IXIC> shed 4.93 points, or 0.17 percent, to 2,859.15.
Pfizer Inc
MasterCard Inc
At 10 a.m. EST [1400 GMT], the Commerce Department releases March factory orders. Economists forecast a 1.9 percent rise, compared with a 0.1 percent drop in February. (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)