* Indexes at records; Dow topped 17,000 on Thursday
* CBOE Volatility index at lowest since Feb 2007
* Focus turns to upcoming earnings season
* Futures down: Dow 23 pts, S&P 3.25 pts, Nasdaq 6.5 pts
By Ryan Vlastelica
NEW YORK, July 7 U.S. stock index futures edged
slightly lower on Monday, indicating a modest pullback from
record levels as investors held off from making big plays ahead
of the start to earnings season.
* A strong June jobs report lifted Wall Street to multiple
records on Thursday, the final trading session before the
Independence Day holiday, with the Dow rising above 17,000 for
the first time ever.
* While the market's uptrend is still viewed as intact,
trading may be light, with few major catalysts on deck. Action
may pick up later this week with the release of results from
Alcoa Inc and Wells Fargo & Co.
* Dozens of major companies are scheduled to report next
week, including numerous Dow components. Investors see a slight
chance that profits for S&P 500 companies could return to
double-digit growth for the first time in nearly three years.
* S&P 500 e-mini futures fell 3.25 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 e-mini futures
fell 23 points and Nasdaq 100 e-mini futures lost
* Wall Street has been strong lately, with major indexes
hitting a series of records and the Nasdaq closing out its third
straight positive week last week.
* The CBOE Volatility index is down almost 25 percent
so far this year, closing on Thursday at its lowest level since
February 2007. The "fear index" is at extremely low levels from
a historical perspective, which has some investors concerned
that markets are not factoring in issues that could derail the
* While the June payroll report, which showed the U.S.
unemployment rate falling to its lowest since September 2008,
confirmed expectations that the economy bounced back in the
second quarter, some analysts speculated that it also meant the
Federal Reserve might raise interest rates earlier than had been
* In corporate news, GT Advanced Technologies fell
6.4 percent to $18.30 in premarket trading after UBS removed the
company from its U.S. Key Calls list. The stock was the Nasdaq's
heaviest premarket mover.
* Archer Daniels Midland said it would buy food
flavors and specialty ingredients company Wild Flavors for about
(Editing by Lisa Von Ahn)