US STOCKS-Futures flat after two-day decline; Alcoa up early

miércoles 9 de julio de 2014 07:05 GYT
 

* S&P 500's 14-day moving average watched as support

* Alcoa tops expectations; shares up in premarket

* Citigroup may pay $7 billion to resolve probe: source

* Dow down 10 pts, S&P down 0.25 pt, Nasdaq up 1 pt

By Ryan Vlastelica

NEW YORK, July 9 (Reuters) - U.S. stock index futures were flat on Wednesday, suggesting that even a positive early read on earnings was not enough to entice buyers after a sharp decline from record levels.

* The S&P 500 is coming off its biggest two-day slump since mid-May, with small-cap and "momentum" names - hyper growth stocks largely in the Internet and biotech space - among the biggest decliners. Despite heavy losses earlier this year, both groups continue to be hit by charges that they are overvalued.

* Alcoa Inc rose 2 percent to $15.14 in premarket trading a day after reporting second-quarter adjusted earnings and revenue that topped expectations.

* While the former Dow component is not considered a market-moving industry bellwether, the aluminum maker is sometimes viewed as setting the tone for the season by dint of being one of the first high-profile names out of the gate. Wells Fargo & Co will report on Friday, while dozens of closely watched companies, including numerous Dow components, will come out next week.   Continuación...