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US STOCKS-Wall St set for lower open after record close; GM in focus

Angela Moon
Tuesday, 10 Dec 2013 | 9:20 AM ET

* General Motors to name first female CEO

* Lululemon names new CEO, founder Chip Wilson to step down; shares up

* Volcker rule will be delayed until 2015 -CFTC's Chilton

* Futures down: Dow 52 pts; S&P 6 pts; Nasdaq 8.5 pts

NEW YORK, Dec 10 (Reuters) - Wall St was set to take a breather on Tuesday after the S&P 500 closed at yet another record high and as investors were hesitant to make big bets amid uncertainty over the Federal Reserve's stimulus.

Shares of General Motors Co were down 0.8 percent in volatile trading before the bell after the company named Mary Barra as its next chief executive.

S&P 500 futures fell 6 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 52 points and Nasdaq 100 futures fell 8.5 points.

The benchmark S&P 500 rose to a new high on Monday even as a number of policymakers suggested the U.S. central bank may be closer than previously thought to trimming its $85 billion a month in bond purchases.

"We are pretty much at the high end of a trading range. The key is that the market is absorbing core Fed speakers singing the same tune that tapering is in the air and there will be some sort of announcement next week at the FOMC meeting. It is taking it pretty well," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

A budget deal could emerge in Congress on Tuesday aimed at avoiding a U.S. government shutdown on January 15 and relieving federal agencies of some indiscriminate spending cuts, congressional aides said on Monday.

Toll Brothers Inc shares rose 3.3 percent in premarket trade after the homebuilder announced its quarterly earnings.

High-end yoga-wear retailer Lululemon Athletica Inc named Laurent Potdevin as its chief executive and said founder Chip Wilson will step down as non-executive chairman. The stock rose about 2 percent in premarket trade.

Shares of Rambus Inc jumped 9.3 percent in premarket trading after settling a patent dispute with Micron Technology.

Pressuring global equities, data showed China's industrial output rose 10.0 percent in November from a year earlier, slightly below market expectations, while retail sales were up a stronger-than-expected 13.7 percent.

Twitter shares could be in the spotlight after the stock soared more than 9 percent on Monday to its highest level since the social media company's initial public offering. A spate of product announcements could boost revenue prospects.

U.S. regulators at long last vote to adopt the controversial Volcker rule to ban proprietary trading by banks and limit their investments in hedge funds.

Early on Tuesday, Bart Chilton, a member of the Commodity Futures Trading Commission, said he expected the agency to adopt the rule behind closed doors on Tuesday despite a government shutdown in Washington because of the threat of a snowstorm.

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