US STOCKS-Futures point to lower open after record close

Tue Jun 3, 2014 8:34am EDT
 
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* Dow, S&P 500 ended at records on Monday

* Light VIX and volume raises some concerns

* Pilgrim's raises buyout offer for Hillshire

* Futures down: Dow 26 pts, S&P 4 pts, Nasdaq 12 pts (Adds AT&T outlook)

By Ryan Vlastelica

NEW YORK, June 3 (Reuters) - U.S. stock index futures pointed to a lower open on Tuesday as traders found few reasons to buy with major indexes at record levels, though the market's recent upward momentum appeared intact.

* Both the Dow and S&P 500 closed at records on Monday; that was the benchmark S&P's third consecutive record. However, recent advances have come in light trading, indicating the rally has lacked conviction. About 101,000 S&P 500 e-minis contracts changed hands in morning trading on Tuesday, suggesting another day of light action.

* The CBOE Volatility Index has also been lower than average, hovering near levels not seen since March 2013. While the current levels of the VIX indicate a lack of fear in the market, some investors are concerned it also reflects a sense of complacency among investors.

* Trading catalysts could come later in the session, with the release of data on durable goods and factory orders, both for April and scheduled for release at 10:00 a.m. (1400 GMT). Factory orders are seen rising 0.5 percent in the month, a smaller advance than in March. The Institute for Supply Management's May read on New York economic activity is also on tap, due at 9:45 a.m.   Continued...