* Macy's climbs after earnings
* BB&T to buy Susquehanna Bancshares for $2.5 bln
* Wholesale inventory data due
* Futures off: Dow 63 pts, S&P 6.75 pts, Nasdaq 11.25 pts (Adds quotes, updates prices)
By Chuck Mikolajczak
NEW YORK, Nov 12 (Reuters) - U.S. stocks were set for alower open on Wednesday, putting major indexes on track toretreat a day after the Dow and S&P 500 closed at record highsfor a fifth straight session.
Financial companies will be in focus after global regulatorsfined five major banks - including UBS AG ,HSBC Holdings Plc and Citigroup Inc - $3.4billion for failing to stop their traders from trying tomanipulate the foreign exchange market. Citigroup shares dipped0.6 percent to $53.49 before the opening bell.
"The imposition of fines by the watchdog basically weighedon European bank stocks, and as a result the market is followingsuit here," said Peter Cardillo, chief market economist atRockwell Global Capital in New York.
"It's a market that could certainly use a little bit of arest and a pullback, and that would be healthy from a technicalaspect."
Tuesday's record close for the S&P 500 marked its 40th newclosing high for the year, versus 45 in 2013. The last time theindex closed at a record high for five straight days was in May2013, with the next longest streak being an 8-day run in June1997. The Dow is on a 6-day winning streak, its longest run since June.
The S&P 500 has rallied more than 9.5 percent from asix-month low in October, buoyed by supportive economic data andsolid corporate earnings. For the year so far, the index is up10.4 percent.
S&P 500 e-mini futures were down 6.75 points and fairvalue, a formula that evaluates pricing by taking into accountinterest rates, dividends and time to expiration on thecontract, indicated a flat open. Dow Jones industrial averagee-mini futures fell 63 points and Nasdaq 100 e-minifutures lost 11.25 points.
As earnings season draws to a close, Thomson Reuters datathrough Tuesday morning showed that of 449 companies in the S&P500 reporting, 74.6 percent beat expectations, above the 63percent average beat rate since 1994 and 67 percent for the pastfour quarters. Earnings overall were expected to grow 10 percentover the year-ago period.
Macy's Inc shares reversed initial losses in premarketand turned higher, up 1.8 percent to $59.65 after the retailerposted third-quarter earnings and revised its full-year outlook. Cisco Systems Inc is scheduled to postresults after the close.
In a light day for economic data, a report on wholesaleinventory for September is due at 10 a.m. EST (1500 GMT).Expectations call for a 0.2 percent rise versus the 0.7 percentincrease in the prior month.
Susquehanna Bancshares Inc surged 33.6 percent to$13.23 in premarket after the company agreed to be acquired byBB&T Corp for about $2.5 billion.
(Reporting by Chuck Mikolajczak; Editing by W Simon, JS Benkoeand Nick Zieminski)
HSBC Holdings (HSBA)
