|Chennai||Rs. 25020.00 (0.81%)|
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* Investors looking for next market catalyst
* Tyson Foods, Frontier Communications on tap to report results
* Dow up 26 pts, S&P down 0.2 pt, Nasdaq up 3.25 pts
By Ryan Vlastelica
NEW YORK, May 6 (Reuters) - U.S. stock index futures were little changed on Monday as investors paused following steep gains in the previous session that took the Dow and S&P 500 to new closing highs.
* The S&P is up more than 13 percent so far this year, lifted by some strong corporate results and an accommodating monetary environment from the Federal Reserve. But with those factors largely priced into the market, many are looking for the next catalyst to take shares higher from these levels.
* Many analysts are calling for a correction, which equity markets have largely avoided so far this year as traders use any market weakness as an opportunity to add to positions.
* A string of weak data has recently underlined concerns over the global growth outlook, though Friday's payroll report was stronger than expected and fueled the gains that took the indexes to record levels.
* S&P 500 futures dipped 0.2 point and were slightly under 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 added 26 points and Nasdaq 100 futures rose 3.25 points.
* Overseas, European shares dipped 0.2 percent as investors took profits following a rally in the previous week. Volumes were light as the UK stock market was closed for a holiday.
* The first-quarter earnings reporting season is largely winding down, but Tyson Foods, Frontier Communications and First Solar are all on tap to report results on Monday.
* Of the 404 companies in the S&P 500 that have reported earnings so far, 68.3 percent have beaten earnings expectations, but only 46.3 percent have reported revenue above expectations. Over the past four quarters, 67 percent of companies beat on earnings and 52 percent beat revenue estimates.
* The S&P closed above 1,600 and the Dow briefly traded above 15,000 for the first time ever on Friday, with a number of bellwether companies hitting 52-week highs. For the week, the Dow rose 1.8 percent, the S&P gained 2 percent and the Nasdaq rose 3 percent in its biggest weekly climb since the first week of the year.