MARKET SNAPSHOT: U.S. Stocks: Another Record Day For S&P 500 May Be A Tall Order

By Barbara Kollmeyer, MarketWatch Strategist: 2,040 proving a tough barrier for the S&P 500

MADRID (MarketWatch) -- Stock futures eased back on Wednesday, indicating that Wall Street could struggle to log a sixth session of record highs for major indexes, with Europe stocks and oil prices dropping.

Citigroup Inc. and J.P. Morgan Chase & Co. could come under pressure after U.S. and other regulators slapped those and three other banks with fines totaling more than $3 billion over foreign-exchange manipulation.

Futures for the Dow Jones Industrial Average (DJZ4) fell 36 points, or 0.2%, to 17,532, while those for the S&P 500 index (SPZ4) eased 4.3 points, or 0.2%, to 2,031.70. Futures for the Nasdaq-100 index (NDZ4) fell 10.5 points, or 0.3%, to 4,172.75.

Volumes were expected to pick up after the Veterans Day holiday closed bond markets and government offices on Tuesday. Stocks finished the session generally flat, but 5th-straight record closes were still managed for both the S&P 500 (SPX) -- 2,039.68 -- and the Dow industrials (DJI) -- 17,614.90.

A roadblock for the S&P 500: Chris Beauchamp, market analyst at IG, said 2,040 is proving a big barrier for the S&P 500. "Technical indicators still point to a market that is overbought and looking to pause for breath, with the quieter mid-November period providing an ideal time for a brief consolidation," he said in a note. (Also see: Charting a strong bull trend with room to run http://www.marketwatch.com/story/charting-a-strong-bull-trend-with-room-to-run-2014-11-11-12103813.)

Philadelphia Fed President Charles Plosser said interest rates should be raised "sooner rather than later," repeating a familiar message. In a speech in London, he said rising rates aren't inconsistent with a continuing recovery. Plosser is a voting member of the Fed policy committee.

Minneapolis Fed President Narayana Kocherlakota, also a voting member, will give a luncheon talk in Eau Clare, Wisconsin.

Wholesale inventories for September is the only piece of data on offer, due at 10 a.m. Eastern.

Need to Know: Santa rally is on track, barring another euro crisis

Retailers, banks in the spotlight:Macy's Inc.(M) will report earnings on Wednesday. Shares of Fossil Group Inc.(FOSL) rose 8% in thin premarket trade after the company topped expectations with third-quarter results and renewed a licensing agreement with Michael Kors Holding Ltd. (KORS).

Shares of Citi(C) and J.P. Morgan Chase & Co.(JPM) shares could see pressure after U.S., Swiss and British regulators fined those banks and three others $3.3 billion in total to resolve allegations they tried to manipulate the foreign exchange market. Read: "Have that my son", "Bravo" -- chat logs from FX probe revealed (and it's no boring read)

Oil stays under pressure: Bank stocks fell in London, with shares of HSBC Holdings PLC (HSBC) -- among those banks fined over currency manipulation -- down 0.7%. Asia stocks largely rose, with the China Shanghai Composite Index gaining 1% to close at an almost three-year high.

Oil prices came under pressure again, with WTI crude (CLZ4) dropping 0.8% as the market continued to fret about oversupply. Gold prices (GCZ4) were flat and the dollar(USDJPY) held on to the Yen115 level as the market awaited news on whether Japan will delay a planned rise in the sales tax.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires