Dow and the S&P 500 index futures turned negative on Wednesday after data showed sales at U.S. retailers fell for a second straight month in June.

Retail sales were pulled down by weak receipts at automotive dealers and gasoline stations, according to a government report that added to evidence the economic recovery was proceeding at a moderate pace.

Investors are also looking ahead to the Federal Reserve's economic forecasts, which will be released in the afternoon alongside the minutes from the Fed's most recent monetary policy meeting. Some are expecting Fed officials to cut their outlook for U.S. economic growth, tracking recent moves by Wall Street economists.

S&P 500 futures fell 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 fell 7 points, while Nasdaq 100 futures gained 2.8 points.

(Reporting by Angela Moon; Editing by Padraic Cassidy)