* Dow closed at fourth straight record on Tuesday
* Traders eye low volume and low volatility
* Micron higher in premarket, Credit Suisse ups target
* Futures down: Dow 62 pts, S&P 9.2 pts, Nasdaq 16.5 pts
By Ryan Vlastelica
NEW YORK, June 11 U.S. stock index futures were
lower on Wednesday, as investors struggled to find reasons to
keep buying with indexes still hovering near record levels.
* Wall Street has been struggling for direction lately; the
S&P on Tuesday moved within less than a 7-point range, typical
of a recent tight trading pattern.
* While the upward trend in equities is still considered
intact, a lack of major trading events could limit gains after
the market's recent rally. The Dow ended at a fourth straight
record Tuesday, while the S&P 500 closed lower after four days
of record finishes.
* Investors were keeping an eye on low levels of both
trading volume and volatility. The lighter-than-average volume
could make the market vulnerable to sharp fluctuations, while
some view the low levels of the CBOE Volatility index -
the so-called 'fear gauge' - as a sign the market is not fully
taking into account issues that could derail the rally.
* In a sign of the market's low volatility, the 14-day
Average True Range on the S&P 500 hit 10.09, the lowest since
* S&P 500 futures fell 9.2 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 lost 62
points and Nasdaq 100 futures slid 16.5 points.
* In company news, Micron Technology was one of the
Nasdaq's most active premarket movers, rising 2.3 percent to
$30.20 a day after Credit Suisse raised its price target on the
stock to $50 from $30.
* Sources told Reuters that Amazon.com Inc later
this year plans to launch a marketplace for local services,
encompassing anything from babysitters to handymen to birthday
clowns, beginning with a single market. Shares rose 0.5 percent
to $334.02 in premarket trading.
* Patent risk management company RPX Corp is in
advanced talks to acquire litigation data provider
PatentFreedom, three sources familiar with the deal told
* Bloomberg reported that IBM Corp is nearing a deal
to sell its chip-making business to contract chipmaker
Globalfoundries Inc for an undisclosed amount.
* Bank of America Corp has reached an impasse in
negotiating a multibillion-dollar settlement with the U.S.
Department of Justice relating to the bank's mortgage
investments, according to the New York Times. Shares of BofA
dipped 8 cents to $15.84 in premarket trading.
(Editing by Bernadette Baum)