US STOCKS-Futures dip, S&P 500 comes off 4th straight record

Reuters - UK Focus

* S&P has ended higher 11 times in past 13 sessions

* CBOE Volatility index remains near lowest since 2007

* Achillion Pharma (Frankfurt: ADA.F - news) jumps in heavy premarket volume

* Futures down: Dow 17 pts, S&P 3.2 pts, Nasdaq 6.25 pts

By Ryan Vlastelica

NEW YORK (Frankfurt: HX6.F - news) , June 10 (Reuters) - U.S. stock index futures edgedlower on Tuesday, as investors found few reasons to keep buyingwith the Dow and S&P 500 just off the latest in a string ofrecords.

* Equities have been strong lately, with the S&P ending atrecords for the past four sessions, and rising in 11 of the past13. While Wall Street's upward trend is still seen as intact, itmay be harder to continue notching solid gains in the absence ofbig catalysts. There are no major economic indicators on tap forTuesday.

* Investors continue to watch the level of trading volume,which has been below average of late, potentially making themarket more susceptible to big swings. The CBOE Volatility index, which typically moves inversely to the S&P, rose 3.9percent on Monday despite the market's advance. The "fear index"recently fell to its lowest since February 2007, and remains atlevels that are very low from a historical perspective.

* S&P 500 futures fell 3.2 points and were below fairvalue, a formula that evaluates pricing by taking into accountinterest rates, dividends and time to expiration on thecontract. Dow Jones industrial average futures fell 17points and Nasdaq 100 futures lost 6.25 points.

* The benchmark S&P 500 index has advanced 5.6 percent thisyear, with the strongest group being "low beta" names likeutilities, which tend to move less dramatically than the overallmarket.

* Achillion Pharmaceuticals Inc (NasdaqGS: ACHN - news) surged 40 percentto $5.95 in heavy premarket trading, building on a jump ofalmost 48 percent on Monday. The company early Tuesday commentedon an ongoing Phase 1 clinical trial, and was upgraded to"market outperform" from "market perform" by JMP Securities.

* Another volatile name of late, Spherix Inc, rose13 percent to $1.95 before the bell. Earlier, one of thecompany's wholly owned subsidiaries said it had commenced patentlitigation against Huawei Device USA Inc.

* Microsoft Corp will work with Chinese Internetsecurity specialist Qihoo 360 Technology Co on mobileInternet and artificial intelligence technology, Chinese statemedia reported late Monday, as the U.S. software giant fightssecurity concerns in the country.

(Editing by Bernadette Baum)

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