US STOCKS-Wall Street to fall on Fed uncertainty, Wal-Mart
* Jobless claims near six-year low in latest week
* Cisco, Wal-Mart shares fall after results
* Futures down: Dow 134 pts, S&P 13 pts, Nasdaq 30 pts
NEW YORK, Aug 15 (Reuters) - U.S. stock index futures fell on Thursday on continued uncertainty over the next policy move by the Federal Reserve and after Wal-Mart earnings disappointed, shining a light on weak consumer spending.
Shares of Wal-Mart fell 2.4 percent to $74.60 in premarket trading after it posted lower than expected quarterly U.S. sales as shoppers were pinched by higher payroll taxes and gas prices.
"There's not a resounding improvement in the consumer, July didn't play out well for many retailers," said Art Hogan, managing director at Lazard Capital Markets in New York.
The Fed has been buying $85 billion in bonds each month, boosting stocks and keeping interest rates low. The market has lately focused on when, and by how much, the Fed will reduce the program.
Data showed U.S. consumer prices rose as expected in July, while weekly jobless claims fell to a near six-year low. The data, while upbeat, failed to convince investors that the economy is as strong as implied by recent record highs on U.S. equity markets.
"Over the last month we adjusted the mindset to look out for more good (economic) news, but it hasn't come," Hogan said.
St. Louis Federal Reserve President James Bullard said Thursday, reiterating his remarks a day ago, the U.S. central bank should have more evidence about the economy and inflation before it can make a decision to wind down its stimulus.
S&P 500 futures fell 13 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 futures fell 134 points, and Nasdaq 100 futures lost 30 points.
Cisco Systems shares fell 7.9 percent to $24.29 in premarket trading. The network equipment maker reported earnings Wednesday and said it would cut 4,000 jobs in the face of uncertain demand for its networking equipment.
Trading volume has been low, as it tends to be in August, and with the earnings season winding down and economic indicators presenting a mixed view on growth that complicates predictions about the Fed's next move.
Energy shares may be in focus as Brent oil prices climb near $111 per barrel to a four-month high on fears that escalating violence in Egypt could affect the Suez Canal or spread in the Middle East. The death toll from nationwide political violence climbed to 525, Egypt's health ministry said.