Stock index futures fell on Tuesday, easing back after Wall Street closed at its highest level in 10 weeks, following disappointing results from Dow Chemical and Procter & Gamble that pushed investors to the sidelines.

Shares of P&G

and Dow both slid more than 3 percent in premarket trading after the companies reported lower-than-expected profits. P&G fell 3.7 percent to $59.75 and Dow lost 3.6 percent to $27.30.

Research In Motion Ltd will be in the spotlight as the BlackBerry maker is expected to unveil its answer to Apple Inc's iPhone later Tuesday.

Gains of 2 percent in major indexes on Monday came on the heels of a nearly 7 percent run-up in July, the S&P's highest monthly increase in a year.

Yesterday's move was extremely powerful, so of course it's not surprising this morning that you'd have at least a hint that there could be some profit taking, said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

S&P 500 futures slipped 2.4 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 11 points, and Nasdaq 100 futures dipped 0.25 points.

On Monday, the S&P 500 closed above two key levels -- its 200-day moving average of around 1,114, as well as 1,121, the midpoint between the historic high reached in October 2007 and the 12-year low hit in March 2009. Both levels had provided resistance lately.

Meckler said that overall, investors are going to be looking for stocks to continue to rise.

What's drawing people into the market is the fear that they're going to miss one of these huge rallies that are so critical to portfolio performance.

Sanofi-Aventis SA is in talks to take over biotechnology company Genzyme Corp , valued at about $18.4 billion, or $69 per share, sources said.

Economic data on tap includes pending home sales and factory orders for June, both due at 10 a.m. (1400 GMT). Pending home sales are expected to rise 0.6 percent from a steep 30-percent drop the month before, while factory orders are seen falling 0.5 percent, compared with a decline of 1.4 percent the previous month, according to a Reuters poll.

Personal income for June is expected at 8:30 a.m. (1230 GMT). Analysts anticipated a rise of 0.2 percent, compared with a 0.4 percent gain the month before.

Pfizer Inc

was a bright spot in the morning's round of earning reports, posting a higher-than-expected profit and revenue. The drugmaker's shares were up 2.4 percent at $15.85.

Federal Reserve officials, meeting on August 10, will consider whether to use cash the Fed receives when its mortgage bond holdings mature to buy new mortgage or Treasury bonds instead of allowing its portfolio to shrink gradually, as it had been expected to do in the months ahead, the Wall Street Journal reported.

(Editing by Padraic Cassidy)

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