* HP jumps after outlook
* China manufacturing data shows contraction
* Futures off: Dow 103 pts, S&P 13.4 pts, Nasdaq 24.75 pts
By Chuck Mikolajczak
NEW YORK, May 23 (Reuters) - U.S. stock index futures fell
on Thursday, putting the S&P 500 on track for its first daily
back-to-back declines in a month, amid investor concerns the
U.S. Federal Reserve may begin to taper its stimulus measures
and over weak data in China.
* The S&P 500 posted its biggest decline in three
weeks on Wednesday, after minutes from the latest U.S. Federal
Reserve meeting showed some officials were open to tapering
large-scale asset purchases as early as at the June meeting.
* The minutes came in the wake of comments earlier in the
session by Fed Chairman Ben Bernanke, who said the Fed could
scale back the pace of bond purchases at one of the "next few
meetings" if the economic recovery looked set to maintain
* Adding to selling pressure, China's flash HSBC Purchasing
Managers' Index for May fell to 49.6, slipping under the
50-point level which indicates expansion for the first time
since October, raising concerns the recovery in the world's
second-largest economy has stalled and a sharper downturn may be
on the horizon.
* The benchmark S&P index has jumped 16.1 percent since the
start of the year, boosted by slowly improving U.S. economic
data and stimulus measures by central banks around the globe.
* S&P 500 futures dropped 13.4 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 lost 103
points, and Nasdaq 100 futures slumped 24.75 points.
* Hewlett-Packard Co jumped 11.6 percent to $23.69
in premarket trade after the computer maker raised its 2013
earnings outlook after quarterly results beat low expectations.
* Title insurer Fidelity National Financial Inc and
buyout firm Thomas H. Lee Partners are in advanced talks to
acquire mortgage service provider Lender Processing Services Inc
, a source familiar with the matter said.
* European and Asian shares dropped and the Euro STOXX 50
Volatility Index surged 18 percent to a 3-week high,
spooked by concerns about the future of the Fed's stimulus
program and compounded by weak economic data from China.