* China industrial output growth slows to 10 pct
* Lululemon names new CEO, founder Chip Wilson to step down; shares up
* Volcker rule will be delayed until 2015 -CFTC's Chilton
* Futures: Dow up 16 pts; S&P down 2.5 pts; Nasdaq down 3.5 pts
By Angela Moon
NEW YORK, Dec 10 The S&P 500 index futures edged lower on Tuesday after the market closed at yet another record high and economic data showed growth in China's industrial production slowed last month.
The benchmark S&P 500 rose to a new high on Monday despite speeches from a number of policymakers that suggested the U.S. central bank may be closer than previously thought to trimming its $85 billion a month in bond purchases.
"We are pretty much at the high end of a trading range. The key is that the market is absorbing core Fed speakers singing the same tune that tapering is in the air and there will be some sort of announcement next week at the FOMC meeting. It is taking it pretty well," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
In Washington, a budget deal aimed at avoiding a U.S. government shutdown on January 15 and relieving federal agencies of some spending cuts could emerge in Congress on Tuesday.
In earnings, Toll Brothers Inc shares rose 3.9 percent in premarket trade after the company announced its quarterly earnings.
High-end yoga-wear retailer Lululemon Athletica Inc named Laurent Potdevin as its chief executive and said founder Chip Wilson will step down as non-executive chairman. The stock rose about 3 percent in premarket trade.
China's industrial output rose 10.0 percent in November from a year earlier, slightly below market expectations, while retail sales were up a stronger-than-expected 13.7 percent, data showed on Tuesday.
Shares of Rambus Inc jumped 9.3 percent in premarket trading after settling a patent dispute with Micron Technology.
Twitter shares could be in the spotlight after the stock soared more than 9 percent on Monday to its highest level since the social media company's initial public offering. A spate of product announcements could boost revenue prospects.
S&P 500 futures fell 2.3 points and were slightly 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 rose 16 points and Nasdaq 100 futures fell 3.5 points.
The United States will not implement the so-called Volcker rule before 2015, a top regulator said on Tuesday, a widely expected move after regulators struggled for years to agree on the ban on proprietary trading.
Bart Chilton, a member of the Commodity Futures Trading Commission, said he expected the agency to adopt the rule behind closed doors on Tuesday despite a government shutdown in Washington because of the threat of a snowstorm.