* Investors eye profit-taking at the open
* August retail sales, July business inventories on tap
* Futures off: S&P 2.3 pts, Dow 23 pts, Nasdaq 6.5 pts
* For up-to-the-minute market news see []
(Writes through, adds byline, quote, details)
By Leah Schnurr
NEW YORK, Sept 14 (Reuters) - U.S. stock index futures
slipped on Tuesday, the day after Wall Street advanced to its
highest level in five weeks, with investors poised to lock in
some profits.
The economic calendar for Tuesday is light, with the main
focus on August retail sales due at 8:30 a.m. EDT (1230 GMT).
Investors will look to see if the data affirms recent
better-than-expected data that tempered worries the economy
could fall back into recession.
While investors looked set to take some money off the table
after a nearly 7 percent gain so far this month, a decent
retail sales number could give the market a chance to move
higher, said Rick Meckler, president of investment firm
LibertyView Capital Management in New York.
"One thing we saw in the summer is that numbers were just
so bad that it shifted investors' focus away from looking for a
complete recovery to just avoiding a double dip," said
Meckler.
"So numbers in this type of environment don't have to be
great, they just have to not be terrible."
Economists expect a 0.3 percent rise, compared with a 0.4
percent increase in July. The market will also keep an eye on
July business inventories data at 10 a.m. EDT (1400 GMT), which
is expected to show a gain of 0.5 percent. []
Technical factors could also influence the market as the
S&P 500 closed Monday above its 200-day moving average for the
first time since early August -- a potentially bullish sign.
After being range-bound through the summer, the benchmark has
drifted to the top of that range through September.
Investors are keyed on the 1,130 level, which has not been
hit since May. Investors hope that if the level is surpassed,
it could signal more gains on the horizon. Even so, in August,
the S&P closed above its 200-day moving average seven days in a
row before falling nearly 8 percent over the next 18 days.
Early Tuesday, S&P 500 futures <SPc2> dipped 2.3 points 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 <DJc2> were off 23 points, and Nasdaq 100 futures
<NDc2> slipped 6.5 points.
Indexes rose for a fourth day in a row on Monday, making
for an eighth day of gains out of the last nine for the S&P and
Dow. Nonetheless, volume was light, indicating investors want
to see more conviction in any further move up.
Energy shares were in focus as oil prices dipped ahead of
U.S. crude inventory reports and as the shutdown of the biggest
Canada-U.S. pipeline entered a fifth day. U.S. crude futures
were off 0.6 percent at $76.72 a barrel. For details, see
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BP Plc <BP.L><BP.N> and its partners in the blown-out Gulf
of Mexico well said thousands of fishermen, seafood processors,
restaurants, hotel owners and others may not yet have the right
to sue over the spill, according to court papers.
The companies said the majority of plaintiffs who brought
about 400 lawsuits must first take their claims to a $20
billion fund established by BP. The oil giant's U.S.-listed
shares added 0.4 percent to $38.49 in premarket trading.
[]
(Editing by Jeffrey Benkoe)
