US STOCKS-Best Buy results weighs on futures, FOMC ahead

* Best Buy shares slip in premarket after results

* Fed seen keeping rates unchanged

* Futures: S&P flat, Dow down 8 pts, Nasdaq down 2 pts

* For up-to-the-minute market news see [STXNEWS/US]
(Adds Best Buy results, quote)

By Angela Moon

NEW YORK, Dec 14 (BestGrowthStock) – U.S. stock index futures fell
on Tuesday, weighed by losses in Best Buy Inc (BBY.N: ) after the
company’s quarterly sales came in shy of Wall Street
expectation.

Best Buy shares fell 9.2 percent at $37.85 after the top
consumer electronics chain reported a decline in quarterly
results and same-store sales and cut its full-year outlook,
citing weak demand in its key U.S. market. For details, see
[ID:nN13207737]

The Federal Reserve is expected to leave rates unchanged
and evaluate its recent massive bond-buying program to support
the economy when it meets on Tuesday.

But the Fed may revise its economic outlook to reflect
stronger growth after the White House and congressional
Republicans agreed to extend tax breaks and provide a payroll
tax cut, effectively delivering fresh stimulus. For details,
see [ID:nN13201941] The announcement is due at 2:15 a.m. [1715
GMT]

“The market is pretty much expecting the statement to be
unchanged. Unless they decide to significantly upgrade the
economic activity, in which case would be negative on the bond
market and also temporarily be negative on stocks, we are not
expecting a shocker from the Fed,” said Peter Cardillo, chief
market economist at Avalon Partners in New York.

Economic indicators on tap include November producer prices
and November retail sales at 8:30 a.m. [1330 GMT]. Economists
in a Reuters survey expect a 0.2 percent gain in core U.S.
producer prices, and a 0.6 percent increase in retail sales.
Anything disappointing on the retail sales data ahead of the
holiday season could weigh heavily in the stock market.

S&P 500 futures (SPc2: ) fell 0.3 points and were slightly
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 (DJc2: )
slipped 8 points, while Nasdaq 100 futures (NDc2: ) lost 2
points.
(Reporting by Angela Moon; Editing by Padraic Cassidy)

US STOCKS-Best Buy results weighs on futures, FOMC ahead