* 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 70 pts, S&P 8 pts, Nasdaq 15.5 pts
(Adds World Bank forecast and Orexigen news)
By Ryan Vlastelica
NEW YORK, June 11 U.S. stock index futures
pointed to a lower open on Wednesday, as investors struggled to
find reasons to keep buying with indexes still hovering near
* Wall Street has struggled for direction lately, with daily
moves in either direction being modest. The S&P on Tuesday moved
within less than a 7-point range, typical of a recent tight
* Sounding a cautious note, the World Bank late Tuesday cut
its global economic growth forecast to 2.8 percent from 3.2
percent due to the impact of the Ukraine crisis and a harsh U.S.
winter. However, with those issues largely in the rear-view
mirror, the World Bank was confident economic activity was
shifting to a stronger footing.
* 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 8 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 70
points and Nasdaq 100 futures slid 15.5 points.
* In company news, Micron Technology was one of the
Nasdaq's most active premarket movers, rising 3.9 percent to
$30.66 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, from
babysitting to party clowns, beginning with a single market.
Shares rose 1.1 percent to $336 in premarket trading.
* Orexigen Therapeutics Inc plummeted 17 percent to
$5.68 in heavy premarket trading after the U.S. Food and Drug
Administration delayed a decision on the marketing application
for its obesity drug by three months.
* Bloomberg reported that IBM Corp was nearing a
deal to sell its chip-making business to contract chipmaker
Globalfoundries Inc for an undisclosed amount. Shares of the Dow
component dipped 0.4 percent to $183.54.
* 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
fell 1.2 percent to $15.73 in premarket trading.
(Editing by Bernadette Baum)