NEW YORK (Reuters) - Stock index futures were lower on Tuesday, the day after Wall Street advanced to its highest level in five weeks, with investors poised to lock in some profits.
The economic calendar for Tuesday is light, with the main focus on August retail sales due at 8:30 a.m. EDT. Investors will look to see if the data substantiates recent better-than-expected data that tempered worries the economy could fall back into recession.
Economists expect a 0.3 percent rise, compared with a 0.4 percent increase in July. The market will also keep an eye on July business inventories data at 10 a.m. EDT, which is expected to show a gain of 0.5 percent.
Technical factors could also influence the market as the S&P 500 closed Monday above its 200-day moving average for the first time since early August -- a potentially bullish sign. After being range-bound through the summer, the benchmark has drifted to the top of that range through September.
Investors are keyed on the 1,130 level, which has not been seen hit May. If the level is surpassed, it could signal more gains on the horizon.
In August, the S&P closed above its 200-day moving average seven days in a row before falling nearly 8 percent over the next 18 days.
Early Tuesday, S&P 500 futures dipped 3.7 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 futures were off 27 points, and Nasdaq 100 futures slipped 6.5 points.
Energy shares were in focus as oil prices dipped ahead of U.S. crude inventory reports and as the shutdown of the biggest Canada-U.S. pipeline entered a fifth day. U.S. crude futures were off 0.6 percent at $76.72 a barrel.
BP Plc
The companies said the majority of plaintiffs who brought about 400 lawsuits must first take their claims to a $20 billion fund established by BP. The oil giant's U.S.-listed shares added 0.8 percent to $38.64 in premarket trading.
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)
