US STOCKS-Futures dip as investors look to data

                                

                                
 * Brent crude near 2-1/2 year highs
                                
 * CPI, jobless claims, Philadelphia business index on tap
                                
 * Futures down: Dow 2 pts, S&P 0.8 pt, Nasdaq 1.5 pts
                                
 * For up-to-the-minute market news see [STXNEWS/US]
                                
 By Edward Krudy
                                
 NEW YORK, Feb 17 (Reuters) - S&P 500 stock index futures
edged lower on Thursday as indexes hovered at multi-year highs
while investors focused on upcoming data for insight into the
economic recovery and interest rate policy.
                                
 The S&P 500 rose Wednesday to twice its value from just two
years ago, when it hit a bear market low, boosted by earnings
and M&A announcements. The index has risen more than 27 percent
since the end of August.
                                
 The latest data on weekly jobless claims and inflation and
a regional business activity index from Philadelphia are due
later in the morning as the Federal Reserve's monetary policy
resurfaces as an area of debate.
                                
 "Now that the assumption is that the economy is recovering,
there will be two levels of focus," said Rick Meckler,
president of investment firm LibertyView Capital Management in
New York.
                                
 "One will be the inflation numbers to see whether the
recovery is bringing inflation and therefore a rise in interest
rates, and the second factor will be does the recovery have
enough strength."
                                
 S&P 500 futures <SPc1> fell 0.8 point and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> dropped 2
points, and Nasdaq 100 futures <NDc1> lost 1.5 points.
                                
 North Sea Brent crude oil prices dipped but held near 2-1/2
year highs as fresh Israel-Iran tensions and civil unrest in
the Middle East stoked fears of supply disruptions. <O/R>
                                
 Late Wednesday, Nvidia Corp <NVDA.O> said first-quarter
sales would rise 6 percent to 8 percent from the fourth quarter
on strong demand for its processors for smartphones and
tablets. Its shares fell 2.9 percent to $22.70 in premarket
trade.  For details, see [ID:nN16109370]
                                
 Williams Cos Inc <WMB.N> plans to split its pipeline and
exploration businesses into separate public entities. Its
shares rose 10.8 percent to $30.76. [ID:nN16181727]
                                
 Cliffs Natural Resources Inc <CLF.N> reported a
better-than-expected surge in quarterly profit as demand and
prices for its iron ore and steel-making coal soared. Its
shares rose nearly 10 percent to $102. [ID:nN16190301]
                                
 Data storage equipment maker NetApp Inc <NTAP.O> gave a
weaker-than-expected profit forecast, blaming a components
shortage, pushing the company's shares down 7.2 percent to
$54.30. [ID:nN16294075]
                                
 At 8:30 a.m. EST (1330 GMT), investors will focus on the
Labor Department release of the January Consumer Price Index.
Economists in a Reuters survey expect a 0.3 percent increase,
compared with a 0.4 percent rise in December.
                                
 Due at the same time, investors will eye weekly U.S.
jobless claims, while at 10 a.m. EST (1500 GMT) the
Philadelphia Federal Reserve Bank releases the February
business activity survey.
  (Editing by Jeffrey Benkoe)