Wall Street was poised for a weak open on Tuesday, easing back after a 10-week high as disappointing results from Dow Chemical Co and Procter & Gamble pushed investors to the sidelines.

Shares of P&G
and Dow both slid more than 3.5 percent in premarket trading after the companies reported lower-than-expected profits. P&G fell 3.7 percent to $59.75 and Dow lost 5.4 percent to $26.80.

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. RIM's U.S.-traded shares added 0.8 percent to $57.45.

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 1.6 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 fell 24 points, and Nasdaq 100 futures dipped 0.25 points.

Gloomy data added pressure after U.S. consumer spending and incomes were unexpectedly flat in June and personal savings rose to the highest level in a year. The willingness of consumers to spend is seen as crucial to sustain a fragile recovery.

The income numbers don't speak well, especially given the Fed chairman's comments that strong income was needed to boost the recovery, said John Brady, senior vice president at MF Global in Chicago.

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, and bullish investors could see the technicals as a signal to buy.

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. Genzyme rose 1.1 percent to $71.10.

Economic data still to come includes U.S. 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.

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 jumped 4 percent to $16.10.

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.

(Additional reporting by Ryan Vlastelica; Editing by Padraic Cassidy)