* Dow, S&P 500 may come off fourth month of gains
* VIX near multi-month lows, may be a sign of complacency
* Ariad soars in premarket trading after drug comments
* Futures up: Dow 16 pts, S&P 1.2 pt, Nasdaq 4 pts
By Ryan Vlastelica
NEW YORK, June 2 U.S. stock index futures were
little changed on Monday, with investors finding few reasons to
keep pushing shares higher with the Dow and S&P 500 at record
* Equities have been strong performers lately, with the Dow
and S&P ending their fourth straight monthly rise in May and the
Nasdaq up for its third straight week last week. However, those
gains have recently come on anemic volume, a trend that looks to
continue Monday, suggesting the rise lacks conviction.
* Wall Street investors continue to closely watch U.S.
Treasury yields. The 10-year note's yield remains
below 2.5 percent, near an 11-month low hit during Thursday's
session. Low yields could help boost dividend-paying stocks,
including in the telecom and utility sectors.
* The CBOE Volatility index continues to hover around
lows not seen since March 2013. That the so-called "fear index"
is so low has many, including officials at the Federal Reserve,
concerned the market is complacent.
* S&P 500 futures rose 1.2 point 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 added 16
points and Nasdaq 100 futures rose 4 points.
* Roughly 72,500 S&P 500 e-mini contracts traded as
of 7:00 a.m. (1100 GMT), suggesting limited action on Monday.
Trading may be light until the European Central Bank's June 5
meeting. Many investors anticipate the ECB will announce a
loosening of monetary policy at the meeting.
* Ariad Pharmaceuticals Inc was the Nasdaq's most
active premarket mover, jumping 17 percent to $7.55 on heavy
volume a day after saying its drug ponatinib showed anti-tumor
activity in patients with advanced gastrointestinal stromal
* Pharmacyclics Inc rose 7.1 percent to $95.10 in
light premarket trading after late-stage study findings showed
that its drug Ibrutinib, which treats the most common form of
leukemia in adults, improved survival for patients whose disease
had worsened despite standard treatment. Pharmacyclics sells the
drug with Johnson & Johnson.
* In deal news, Japanese insurer Dai-ichi Life Co
is in advanced talks to buy Protective Life Corp in a
deal that could be worth over $5 billion. Late
Friday, Valeant Pharmaceuticals International Inc said
it would boost its takeover bid for Allergan Inc for the
second time in a week, lifting it to $53.8 billion from $49.9
(Editing by Bernadette Baum)