Stock Futures Off after Market Hits 5-month High

(REUTERS) -- tock index futures dipped on Wednesday, a day after major indexes hit a five-month high, with pressure on the euro testing the recent view that the U.S. market was decoupling from Europe.

* The main data release of the day will be the Beige Book, the Federal Reserve's anecdotal information on current economic conditions from around the United States. The report, due at 2 p.m. EST may offer more evidence the economy's health is slowly being restored.

* The euro dropped to a near 16-month low against the dollar after Fitch said the European Central Bank should do more to resolve the region's debt crisis, prompting nervous investors to sell the single currency.

* Yesterday's rally was excellent, said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. A pullback here would be expected and eyes will be on the euro as we test the decoupling theory and whether it was a one-day wonder.

* S&P 500 futures fell 4.5 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures dropped 51 points, and Nasdaq 100 futures lost 6.75 points.

* U.S. equities have been struggling to delink from the performance of the single currency, a trend that became the norm in the last quarter of 2011 as traders fretted over possible sovereign defaults in the euro zone.

* New York state's financial regulator is investigating several large banks, including Bank of America Corp and Citigroup Inc to determine if they overcharged customers on certain insurance policies, a source said.

* Clothing retailer Urban Outfitters Inc , grappling with piled-up inventory and declining margins, said its chief executive resigned unexpectedly, sending the company's shares tumbling 18 percent in premarket trading.

* U.S. stocks climbed to a five-month high on Tuesday, led by materials stocks after an upbeat forecast by aluminum company Alcoa and strong gains in bank shares.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)