Stock-index futures flat as investors pause after another record

Stock-index futures were little changed, as investors weighed equity valuations after benchmarks closed at a fourth straight record. Futures on the Standard & Poor's 500 Index (SPX) expiring in December rose 0.1% to 2,036.1 at 6:12 a.m. in New York. The stocks gauge is trading at 17 times the projected earnings of its members, the highest multiple since 2009. Dow Jones Industrial Average contracts added 16 points, or 0.1%, to 17,569 Tuesday. The S&P 500 has rebounded 9.4% from a six-month low in October amid better-than-estimated corporate results and economic data indicating the economy is strong enough to withstand a global slowdown and the end of the Federal Reserve's bond-buying program. “Of course you can't just jump into the market now,” said Heinz-Gerd Sonnenschein, a strategist at Deutsche Postbank AG in Bonn, Germany. “Valuations are not too elevated, but the U.S. is definitely not cheap. Though with indexes at new all-time highs, it's clear that investors are willing to pay for quality. S&P 500 companies have reported great figures for this earnings season and the U.S. economy is in good shape.” The Chicago Board Options Exchange Volatility index has dropped 15% in the past four days. The decline has brought the gauge of S&P 500 options, known as the VIX, down 52% since a two-year high on Oct. 15. EARNINGS REPORTS Wal-Mart Stores Inc. and Viacom Inc. are among S&P 500 companies that report earnings this week. With most members having already posted results, 80% beat estimates for profit and 60% topped sales predictions, according to data compiled by Bloomberg. Rackspace Hosting Inc. climbed 3.9% to $38.78 in late New York trading after third-quarter profit of 18 cents a share exceeded analysts' estimates. The cloud-computing provider, which rejected takeover offers in September, also said it may buy as much as $500 million of its own shares in the next two years. Zynga Inc. rose 6.9% to $2.65 in pre-market New York trading. Jefferies Group raised its rating on the stock to buy from hold, saying the company's mobile-games business will help spur advertising sales. The social gaming company has dropped 57% since a high in March. Caesars Entertainment Corp. slumped 7.3% to $10.70 in late trading. The casino owner said its third-quarter loss widened to $908.1 million as players won more at the tables and bad-debt expenses increased. Las Vegas Sands Corp. dropped 2.5% to $58 in early New York trading.