US stock index futures retreat as Q2 corporate reports continue

U.S. stock-index futures fell, indicating the Standard & Poor’s 500 Index will extend its biggest weekly retreat in seven weeks as today no major US economic data is due to be issued.

Futures on the S&P 500 expiring next month sank 0.4% to 1,687.7 at 6:38 a.m. in New York. The index has declined 0.7% this week amid growing speculation the Federal Reserve will reduce bond purchases this year as the economy strengthens. Contracts on the Dow Jones Industrial Average lost 50 points, or 0.3%, to 15,402 today.

“The market is at least fairly valued,” said Ivo Weinoehrl, who helps oversee 946 billion euros ($1.27 trillion) as a fund manager at Deutsche Asset & Wealth Management in Frankfurt. “Youve seen a huge multiple expansion in the S&P over the past two years. I don’t see much upside left from a purely fundamental point of view.” he added.

In corporate news, Monster Beverage lost 3.8% to $61.03. Net sales rose 6.5% to $630.9 million in the second quarter, missing the average analyst estimate of $646.1 million for the period, according to a statement yesterday. The company also posted earnings of 62 cents a share.

Nvidia slumped 1.4% to $14.50 after the maker of graphics processors said sales will be $1.03 billion to $1.07 billion in the period ending in October. That’s lower than the $1.1 billion average analyst projection. Revenue in the latest fiscal quarter retreated 6.4% to $977.2 million, the company said yesterday.

Priceline.com Inc added 5.7% to $987. Second-quarter sales jumped 27% to $1.68 billion from a year earlier, the online travel-agent said yesterday. Analysts on average had projected sales of $1.66 billion. International bookings climbed to $8.6 billion from $6 billion a year earlier, accounting for 85% of total bookings.

Blackberry jumped 9.1% to $10.07 in New York. The company’s board may seek a buyer to take it private, Reuters reported, citing unidentified people familiar with the talks. Still, the smartphone maker hasnt started a formal sale process, according to the report.