* S&P has ended higher 11 times in past 13 sessions
* CBOE Volatility index remains near lowest since 2007
* Achillion Pharma jumps in heavy premarket volume
* Futures down: Dow 17 pts, S&P 3.2 pts, Nasdaq 6.25 pts
By Ryan Vlastelica
NEW YORK, June 10 U.S. stock index futures edged
lower on Tuesday, as investors found few reasons to keep buying
with the Dow and S&P 500 just off the latest in a string of
* Equities have been strong lately, with the S&P ending at
records for the past four sessions, and rising in 11 of the past
13. While Wall Street's upward trend is still seen as intact, it
may be harder to continue notching solid gains in the absence of
big catalysts. There are no major economic indicators on tap for
* Investors continue to watch the level of trading volume,
which has been below average of late, potentially making the
market more susceptible to big swings. The CBOE Volatility index
, which typically moves inversely to the S&P, rose 3.9
percent on Monday despite the market's advance. The "fear index"
recently fell to its lowest since February 2007, and remains at
levels that are very low from a historical perspective.
* S&P 500 futures fell 3.2 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 17
points and Nasdaq 100 futures lost 6.25 points.
* The benchmark S&P 500 index has advanced 5.6 percent this
year, with the strongest group being "low beta" names like
utilities, which tend to move less dramatically than the overall
* Achillion Pharmaceuticals Inc surged 40 percent
to $5.95 in heavy premarket trading, building on a jump of
almost 48 percent on Monday. The company early Tuesday commented
on an ongoing Phase 1 clinical trial, and was upgraded to
"market outperform" from "market perform" by JMP Securities.
* Another volatile name of late, Spherix Inc, rose
13 percent to $1.95 before the bell. Earlier, one of the
company's wholly owned subsidiaries said it had commenced patent
litigation against Huawei Device USA Inc.
* Microsoft Corp will work with Chinese Internet
security specialist Qihoo 360 Technology Co on mobile
Internet and artificial intelligence technology, Chinese state
media reported late Monday, as the U.S. software giant fights
security concerns in the country.
(Editing by Bernadette Baum)