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Futures Lower After S&P Hits Multi-Year High
03 Apr 2012 EDT - CNBC.com
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U.S. stock index futures pointed to a lower open for Wall Street on Tuesday, as investors seemed to take a breather after the Dow and the S&P 500 touched multi-year highs in the previous session.

The new month—and the quarter—started with a modest rally Monday helped by better-than-expected manufacturing reports from the U.S. and China that helped offset fears of a recession in Europe.

European shares pared their gains amid concerns about Spain's deficit.

On the economic front, the government will release factory orders for February at 10 a.m. ET. Economists in a Reuters survey expect a gain of 1.5 percent, compared with a January decrease of 1.0 percent.

Meanwhile, U.S. car manufacturers are expected to release March sales figures throughout the day.

And at 2 p.m. ET, the Federal Reserve is scheduled to release the minutes from its latest Federal Open Market Committee (FOMC) meeting.

Among techs, Apple gained after JPMorgan raised its price target on the iPad maker to $715 from $625. In addition, Piper Jaffray lifted its price target on the firm to $910 from $718, but added the shares will reach $1,000 by 2014.

Netflix slipped after Barclays downgraded the online movie streaming company to "equal weight" from "overweight," amid increasing competitive threats in the subscription video on demand market.

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