Futures tread water after S&P, Nasdaq hit record highs

[August 10, 2016]  By Yashaswini Swamynathan

(Reuters) - U.S. stock index futures were little changed on Wednesday as investors paused after powering the S&P 500 and the Nasdaq to record intraday highs.

The Nasdaq marked a new closing high on Tuesday, while the S&P notched its fourth record intraday high for the month.

With the second-quarter earnings season winding down and no market-moving economic data scheduled for Wednesday, investors are looking for more catalysts to drive stocks higher.

Of the 447 S&P 500 companies that have reported results so far, 70 percent have beaten earnings expectations, according to Thomson Reuters I/B/E/S.

Oil prices fell about 1 percent on the possibility of more output from the U.S. and skepticism over the success of producers' talks to freeze output. [O/R]

The dollar index fell for the second straight day as weak U.S. productivity data on Tuesday somewhat dimmed the prospects of economic growth and would likely deter the Federal reserve from raising interest rates.

Shares of Walt Disney fell 1.3 percent in premarket trading, after the company reported results overnight and bought a 33 percent stake in video-streaming firm BAMTech.

Yelp jumped 12.6 percent to $36.74 after the company swung to a surprise profit and raised its full-year revenue forecast.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. July 25, 2016. REUTERS/Brendan McDermid - RTSJK2O

SunPower shares sank more than 28 percent after the company swung to a second-quarter loss, lowered its full-year revenue forecast and said it would reorganize its business.

Perrigo fell 8.7 percent to $86.51 after the company reported second-quarter results.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Don Sebastian)

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