US futures dip

New York - US stock index futures were a touch lower on Tuesday as traders found few reasons to buy with major indexes at record levels, though the market's recent upward momentum appeared intact.

The US bourse is set to open higher as European leaders get ready to meet. Credit: REUTERS

However, recent gains have come in light trading, indicating the rally has lacked conviction.

About 60,000 S&P 500 e-minis contracts changed hands in morning trading on Tuesday, suggesting another day of light action.

While the current levels of the VIX indicates a lack of fear in the market, some investors are concerned it also reflects a sense of complacency among investors.

Factory orders are seen rising 0.5 percent in the month, a smaller advance than in March.

The Institute for Supply Management's May read on New York economic activity is also on tap, due at 9:45 a.m.

Dow Jones industrial average futures slid 2 points and Nasdaq 100 futures lost 6.5 points.

Last week, Tyson Foods Inc offered to buy Hillshire for $6.3 billion.

Hillshire said it would conduct talks with both parties. Its stock rose 8.4 percent to $58.05 before the bell.

Spherix Inc rose 17 percent to $2.11 in heavy trading after the company announced $20 million in equity financing. - Reuters