Futures little changed as investors eye retail earnings

U.S. stock index futures were little changed on Tuesday as investors awaited results from big retail names to end a largely positive earnings season that powered a recent record rally.

* The Dow edged up to its ninth record closing high in a row on Monday, the longest streak since February. 

* However, with summer months setting in and with the U.S. Congress on vacation, trading volume is expected to be relatively tepid. The S&P hasn't had a move of more than 0.5 percent since the end of July and has fallen more than 1 percent only twice this year. 

* Second-quarter earnings have been stronger than expected with analysts, on average, expecting S&P 500 earnings to have expanded 12 percent in the quarter, compared with 8 percent at the start of July, according to Thomson Reuters I/B/E/S. 

* However, the rally has also triggered concerns about stretched valuations. 

* The S&P, which is up about 11 percent this year, is trading at 18 times expected earnings, compared to its 10-year average of 14, according to Thomson Reuters Datastream. 

* Retail earnings are likely to be in focus with Amazon.com (AMZN.O) looming large on the sector. Macy's .M.N, Kohl's (KSS.N), JC Penney (JCP.N) are expected to report results this week, while Wal-Mart (WMT.N), Target (TGT.N) due next week. 

* Oil prices steadied after news of lower crude supplies from Saudi Arabia offset higher output from other large producers including the United States. Officials from a joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi on Tuesday to discuss ways to increase compliance with the deal to cut 1.8 million bpd in production.

* Shares of Twilio (TWLO.N) jumped 14.25 percent after the cloud software maker's raised it full-year revenue forecast. 

* Michael Kors (KORS.N) was up 8.78 percent after the retailer raised its full-year revenue outlook. 

* LendingClub (LC.N) was up 7.51 percent a day after the online lender raised its earnings outlook after reporting the second-highest quarterly revenue in its history. 

* Avis Budget Group (CAR.O) fell 8.66 percent as the car rental company's second-quarter profit missed expectations and cut its full-year profit view. Rival Hertz Global Holdings (HTZ.N) was down 4.20 percent.