* Apple up after Topsy buy, UBS upgrade
* Cyber Monday sales appear strong
* Yum Brands November China sales flat
* Futures up: Dow 64 pts, S&P 5.8 pts, Nasdaq 5.25 pts
By Chuck Mikolajczak
NEW YORK, Dec 3 U.S. stock index futures fell on
Tuesday, indicating the S&P 500 may fall for a third consecutive
day on concerns a scale-back in stimulus by the Federal Reserve
may be on the horizon.
* The benchmark S&P index fell on Monday as stronger than
expected data on manufacturing and construction spending
prompted speculation the Fed may lean towards scaling back its
stimulus of $85 billion in monthly bond purchases.
* While virtually all market participants accept the central
bank will begin to trim the stimulus at some point, the timing
remains in question, with many analysts expecting the
announcement in March.
* The Fed has said it would begin to slow the program when
certain economic measures meet its targets. The economic
calendar is packed this week with data that may provide some
insight, culminating with the November payrolls report on
* S&P 500 futures fell 5.8 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 fell 64
points and Nasdaq 100 futures lost 5.25 points.
* After a disappointing to start to the holiday shopping
season, U.S. online sales are expected to hit $2 billion on
"Cyber Monday," for the first time since the data firm comScore
began tracking such information. Amazon.com Inc shares
slipped 0.2 percent in light premarket trade.
* Apple Inc has acquired social media search and
analytics startup Topsy, an unusual purchase for a
hardware-focused company that has made few forays into social
networking. The iPhone maker was subsequently upgraded to a
"buy" rating by UBS. Apple shares were up 1.1 percent to $557 in
* Yum Brands Inc said November sales at established
KFC restaurants in China, its top market, failed to grow despite
a successful half-priced chicken promotion, and it forecast a
return to earnings per share growth in 2014.
* European stocks edged down to one-week lows, led by miners
after strong U.S. data heightened concern the Federal Reserve
will scale back stimulus sooner rather than later.
* Asian shares fell as a batch of upbeat U.S. economic data
on Monday suggested the Federal Reserve may tilt towards
reducing its stimulus soon.