I have a 2004 Pontiac Grand Prix and when I am at slow speeds with the wheel cut either right or left the abs and trac lights come on Is this an abs sensor Is it connected to the wheel bearing?

Yes it sounds like your ABS sensor is bad and the sensor is located behind the hub assembley connected to the hub Remove it and get a new one or just deal with it. It will not hurt anything, you just will not have Anti lock brakes.