Stock index futures pointed to a drop of more than 1.5 percent at the open on Wednesday after key U.S. retail sales data came in worse than expected, dampening hopes of a quick economic recovery.

Shares in Wal-Mart Stores Inc , the world's biggest retailer and a bellwether for the sector, fell 0.8 percent to $50.20, while Macy's Inc reversed gains and fell 5 percent to $11.75. Shares in the department store operator had risen after better-than-expected quarterly results.

A lot has been anticipated on this rally that we will start seeing some traction in economy, said Steve Goldman, market strategist at Weeden & Co in Greenwich, Connecticut.

The market is looking for reasons to consolidate, and today we're seeing some of those reason, he added.

S&P 500 futures fell 15.5 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 shed 126 points, and Nasdaq 100 futures were off 21.25 points.

On Tuesday, the Dow gained as investors scooped up defensive shares such as Pfizer Inc
, while energy stocks rose alongside oil prices. The S&P 500 was little changed, and the Nasdaq fell as financial and technology shares dropped after recent sharp gains.

The stock market has been digesting a series of secondary share offerings over the last few days as the companies sought to take advantage of increased investor confidence that has pushed up stocks about 30 percent since the market hit a 12-year low in early March.

(Reporting by Edward Krudy; editing by Jeffrey Benkoe)