* J.C. Penney up in premarket, Ackman resigns from board
* Retail sales data on tap, seen rising 0.3 percent
* Yum Brands lower as sales in China fall steeply
* Futures up: Dow 63 pts, S&P 4.6 pts, Nasdaq 11.25 pts
By Ryan Vlastelica
NEW YORK, Aug 13 (Reuters) - U.S. stock index futures rose on Tuesday, tracking overseas markets higher as investors sought bargains following an extended period of weakness.
* The S&P 500 has fallen for five of the past six sessions, and last week posted its worst week since June. Those declines came on light volume as investors found few reasons to buy with major indexes near record highs and earnings season winding down.
* Economic data has also been mixed, raising questions about the Federal Reserve’s monetary stimulus program, which the central bank said it could begin to ease next month if economic growth meets its targets. The policy has been credited with fueling the S&P’s gain of nearly 19 percent so far this year.
* The July read on retail sales is due at 8:30 a.m. on Tuesday, with sales seen rising 0.3 percent. July import and export prices will be released at the same time, with both seen rising modestly.
* J.C. Penney Co rose 4 percent in premarket trading after the retailer said William Ackman has resigned from its board. Ackman, who runs the hedge fund Pershing Square, has been pushing Penney to oust its chairman and chief executive.
* U.S. futures tracked overseas strength, with European shares rising for a fourth straight day and nearing their highs of the year. Shares in China were modestly higher.
* S&P 500 futures rose 4.6 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 added 63 points and Nasdaq 100 futures rose 11.25 points.
* Yum Brands Inc fell 3.5 percent to $71.85 in premarket trading as China sales for the fast food chain operator slid 13 percent in July.
* With 90 percent of the S&P 500 having reported, 68 percent of companies have topped earnings expectations, while 24 percent have missed. JDS Uniphase Corp is the only S&P 500 company scheduled to report quarterly results on Tuesday.
* Based on Monday’s close, the S&P 500 is 1.2 percent below its all-time high, reached earlier this month.
* The Dow and the S&P 500 dipped on Monday, extending recent losses, but gains in Apple Inc and BlackBerry kept the Nasdaq slightly higher.