US STOCKS-Wall St set to open lower followed by more Fed speakers

Angela Moon
Tuesday, 12 Nov 2013 | 9:20 AM ET

* China vows "decisive" role for markets, results seen by 2020

* Regional Fed presidents Kocherlakota, Lockhart due to speak

* DISH Network shares up after Q3 results

* Futures down: Dow 14 pts; S&P 4.3 pts; Nasdaq 9.75 pts

NEW YORK, Nov 12 (Reuters) - Wall Street was set for a lower open on Tuesday, a day after the Dow ended at a record high as investors shifted focus to how soon the Federal Reserve may begin reducing stimulus.

Speculation that the Fed could soon begin to taper its $85 billion-a-month in bond buying has grown since last week's surprisingly strong U.S. jobs data, causing a sharp rise in U.S Treasury yields.

Investors will search for clues in remarks by Minneapolis President Narayana Kocherlakota and Atlanta Fed President Dennis Lockhart, who are due to speak in the early afternoon.

"With tapering back on the table for December, we are seeing some backup in yields, and this invites for some profit taking in the stock market," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

Earlier, Dallas Fed President Richard Fisher said in an interview with CNBC cable television the Federal Reserve's monetary stimulus program cannot continue forever.

China unveiled a plan to broaden economic reforms but this did little to lift global shares. China's leaders promised to let markets play a bigger role in resource allocation in a new policy blueprint announced at the end of a four-day meeting of key officials from the ruling Communist Party.

S&P 500 futures fell 4.3 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 lost 14 points while Nasdaq 100 futures fell 9.75 points.

On Monday, the Dow index posted its 35th record close of the year while the S&P 500 also came close to ending the session at a record high. Meanwhile, the Nasdaq index ended flat, while the Nasdaq 100 closed down 0.1 percent at 3,362.98.

"The 3,400 level on the Nasdaq 100 index has been a tough hurdle for the market of late," said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research in Cincinnati, Ohio.

"Given that technology has been so strong this year, a significant break above this area could be the catalyst to drive markets higher into the end of the year."

Dish Network Corp posted quarterly results that beat Wall Street estimates as it added 35,000 pay-TV subscribers, far exceeding expectations. The stock rose 4.2 percent in premarket trade.

News Corp could be in the spotlight, a day after the company reported a steeper-than-expected 3 percent decline in revenue in its first quarter as a standalone company, as weakness at its Australian newspapers took a toll.

Europe's shares, meanwhile, fell from the five-year highs seen last week as low volumes and a disappointing run of corporate earnings results encouraged many investors to book some of the gains made in this year's strong rally.

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