* 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)
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.
* S&P 500 futures fell 4 points and were above 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 slid 26 points and Nasdaq 100 futures lost 12 points.
* AT&T Inc dipped 0.5 percent to $35.25 in premarket trading after the Dow component forecast full-year revenue growth of 5 percent.
* Pilgrim's Pride Corp confirmed a revised proposal to buy Hillshire Brands for $55 a share, an offer that values the company at $7.7 billion. Last week, Tyson Foods Inc offered to buy Hillshire for $6.3 billion. Hillshire said it would conduct talks with both parties. Its stock rose 8.4 percent to $58.05 before the bell.
* Element Financial Corp late Monday agreed to buy PHH Corp's auto fleet leasing business for about $1.4 billion in cash. Shares of PHH rose 5 cents to $25.30 before the bell.
* Prosena Holding NV jumped 3.9 percent to $11 in heavy premarket trading after the U.S. Food and Drug Administration outlined a regulatory path for the accelerated approval of its lead drug.
* Gladstone Commercial Corp was one of the premarket session's most active Nasdaq names, falling 4.2 percent to $16.80 after the company announced a common stock offering of an undisclosed size. Separately, Spherix Inc rose 9.4 percent to $1.98 in heavy trading after the company announced $20 million in equity financing.
(Editing by Bernadette Baum)