4 MIN. DE LECTURA
* Indexes at records; Dow topped 17,000 on Thursday
* CBOE Volatility index at lowest since Feb 2007
* Focus turns to upcoming earnings season
* Futures down: Dow 40 pts, S&P 5.25 pts, Nasdaq 9.5 pts (Updates prices, adds European shares and company news)
By Ryan Vlastelica
NEW YORK, July 7 (Reuters) - U.S. stock index futures pointed to a slightly lower open on Monday, indicating a modest pullback from record levels as investors held off from making big plays ahead of the start to earnings season.
* A strong June jobs report lifted Wall Street to multiple records on Thursday, the final trading session before the Independence Day holiday, with the Dow rising above 17,000 for the first time ever.
* While the market's uptrend is still viewed as intact, trading may be light with few major catalysts on deck. Action may pick up later this week with the release of results from Alcoa Inc and Wells Fargo & Co.
* Dozens of major companies are scheduled to report next week, including numerous Dow components. Investors see a slight chance that profits for S&P 500 companies could return to double-digit growth for the first time in nearly three years.
* S&P 500 e-mini futures fell 5.25 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 e-mini futures fell 40 points and Nasdaq 100 e-mini futures lost 9.5 points.
* Wall Street has been strong lately, with major indexes hitting a series of records and the Nasdaq closing out its third straight positive week last week.
* The CBOE Volatility index is down almost 25 percent so far this year, closing on Thursday at its lowest level since February 2007. The "fear index" is at extremely low levels from a historical perspective, which has some investors concerned that markets are not factoring in issues that could derail the rally.
* While the June payroll report, which showed the U.S. unemployment rate falling to its lowest since September 2008, confirmed expectations that the economy bounced back in the second quarter, some analysts speculated that it also meant the Federal Reserve might raise interest rates earlier than had been previously anticipated.
* European shares fell 0.7 percent, pressured after data showed German industrial output declined by 1.8 percent in May, its biggest drop in more than two years.
* In company news, Bed Bath & Beyond Inc rose 1.1 percent to $60 in premarket trading after the company authorized a $2 billion stock buyback program.
* BioDelivery Sciences International Inc rose 14.5 percent to $13.73 in premarket trading after the company said its experimental pain drug, which it made with Endo International Plc, was found effective in a late-stage trial.
* GT Advanced Technologies fell 8.3 percent to $17.93 in premarket trading after UBS removed the company from its U.S. Key Calls list. The stock was the Nasdaq's heaviest premarket mover.
* Archer Daniels Midland said it would buy food flavors and specialty ingredients company Wild Flavors for about $3 billion. (Editing by Lisa Von Ahn and Nick Zieminski)