* China exports miss expectations
* Minutes from Fed's June meeting due
* Futures off: Dow 8 pts, S&P 2.4 pts, Nasdaq 2.5 pts
By Chuck Mikolajczak
NEW YORK, July 10 U.S. stock index futures
dipped on Wednesday, indicating the S&P 500 may halt a four-day
winning streak, in the wake of weaker-than-expected data from
China and as investors looked to the release of minutes from the
Federal Reserve's June meeting.
China warned on Wednesday of a "grim" outlook for trade
after data showed exports fell 3.1 percent in June against
forecasts for a rise of 4 percent.
"Anything that China does in the short run is likely to have
a very limited effect on the U.S. market, they have clearly
slowed from the growth they had but they still have growth ahead
of most other countries," said Rick Meckler, president of
investment firm LibertyView Capital Management in Jersey City,
"For the U.S. stock market to really begin to make new highs
and push forward you are going to have to see some growth in the
U.S. economy more than a fixation than on what is happening in
Later in the session at 2:00 p.m. EDT (1800 GMT), the
minutes from the June 18-19 meeting of the Federal Open Market
Committee will be released and perused by investors for any
signs of the central bank's plan to trim its bond buying
The S&P 500 has risen 2.4 percent over the past four
sessions, pushing the benchmark S&P index to within 1 percent of
its all-time closing high May 21 of 1,669.16.
S&P 500 futures fell 2.4 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 lost 8
points, and Nasdaq 100 futures dipped 2.5 points.
Family Dollar Stores Inc rose 2 percent to $65.20 in
premarket trade after the discount chain posted quarterly
S&P 500 companies scheduled to report earnings on Wednesday
include Fastenal Co and Yum Brands Inc.
According to Thomson Reuters data through Tuesday morning,
analysts expect S&P 500 earnings to grow 2.9 percent in the
quarter from a year ago, while revenue is forecast to increase
1.5 percent from a year ago.
At 10:00 a.m. (1400 GMT), the Commerce Department releases
wholesale inventories for May. Economists in a Reuters survey
forecast inventories to rise 0.3 percent versus an increase of
0.2 percent in April.
European shares fell as miners and autos
succumbed to selling pressure after weak trade data from China.
Chinese shares rose sharply, amid speculation China's
central bank may ease policy to boost growth after the country's
exports fell for the first time in 17 months.