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Stock futures showed little loss

"We're in a post-earnings season environment, and it would take a pretty major catalyst to move us significantly higher from here," said Art Hogan, managing director at Lazard Capital Markets in New York. Dow Jones industrial average futures fell 30 points and Nasdaq 100 futures dipped 2 points. The S&P's 50-day moving average, currently at 1,692.77, could serve as a support level in any market decline. A number of analysts downgraded the stock. Cognizant Tech (CTSH.O) rose 4.9 percent to $77 in premarket trading after reporting a 20 percent rise in second-quarter revenue, while Fossil Group Inc (FOSL.O) rose 9.2 percent to $117.31 after its results. Archer Daniels Midland (ADM.N) reported a drop in profits as U.S. crop supplies tightened, the sending shares 1.4 percent lower to $37.33 in premarket trading. Of the 391 companies in the S&P 500 that reported earnings for the second quarter through Monday, 67.8 percent have topped analysts' expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. The firm cut its price target on the Dow component by $25 to $175. Shares of IBM fell 1.4 percent to $192.80. The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years as imports reversed the prior month's spike, suggesting an upward revision to second-quarter growth.

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