* 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 2 pts, S&P 3 pts, Nasdaq 6.5 pts
By Ryan Vlastelica
NEW YORK, June 3 U.S. stock index futures were a
touch lower 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 gains have come in light trading, indicating the rally
has lacked conviction. About 60,000 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 indicates 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 3 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 2
points and Nasdaq 100 futures lost 6.5 points.
* 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.
* Gladstone Commercial Corp was one of the
premarket session's most active Nasdaq names, falling 3 percent
to $17 after the company announced a common stock offering of an
undisclosed size. Spherix Inc rose 17 percent to $2.11
in heavy trading after the company announced $20 million in
(Editing by Bernadette Baum)