* Futures down: Dow 3 pts, S&P 1.5 pts, Nasdaq 2.5pts
By Tanya Agrawal
Aug 8 (Reuters) - U.S. stock index futures were little changed on Tuesday as investors awaited results from big retail names to end a largely positive earnings season that powered a recent record rally.
* The Dow edged up to its ninth record closing high in a row on Monday, the longest streak since February.
* However, with summer months setting in and with the U.S. Congress on vacation, trading volume is expected to be relatively tepid. The S&P hasn’t had a move of more than 0.5 percent since the end of July and has fallen more than 1 percent only twice this year.
* Second-quarter earnings have been stronger than expected with analysts, on average, expecting S&P 500 earnings to have expanded 12 percent in the quarter, compared with 8 percent at the start of July, according to Thomson Reuters I/B/E/S.
* However, the rally has also triggered concerns about stretched valuations.
* The S&P, which is up about 11 percent this year, is trading at 18 times expected earnings, compared to its 10-year average of 14, according to Thomson Reuters Datastream.
* Retail earnings are likely to be in focus with Amazon.com looming large on the sector. Macy’s, Kohl’s , JC Penney are expected to report results this week, while Wal-Mart, Target due next week.
* Oil prices steadied after news of lower crude supplies from Saudi Arabia offset higher output from other large producers including the United States. Officials from a joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi on Tuesday to discuss ways to increase compliance with the deal to cut 1.8 million bpd in production.
* Shares of Twilio jumped 14.25 percent after the cloud software maker’s raised it full-year revenue forecast.
* Michael Kors was up 8.78 percent after the retailer raised its full-year revenue outlook.
* LendingClub was up 7.51 percent a day after the online lender raised its earnings outlook after reporting the second-highest quarterly revenue in its history.
* Avis Budget Group fell 8.66 percent as the car rental company’s second-quarter profit missed expectations and cut its full-year profit view. Rival Hertz Global Holdings was down 4.20 percent.
Futures snapshot at 7:11 a.m. ET (1111 GMT):
* Dow e-minis were down 3 points, or 0.01 percent, with 9,550 contracts changing hands.
* S&P 500 e-minis were down 1.5 points, or 0.06 percent, with 63,245 contracts traded.
* Nasdaq 100 e-minis were down 2.5 points, or 0.04 percent, on volume of 10,277 contracts. (Reporting by Tanya Agrawal)