U.S. stock index futures edged lower on Wednesday as investors found few reasons to keep pushing shares higher, with the Dow and S&P 500 both coming off record closing highs.

The S&P rose above 1,900 for the first time on Tuesday, though it gave up some of its gains in afternoon trading to end barely higher for a third straight day.

Investors are looking for fresh catalysts to keep the market's momentum going amid mixed reads on the economy from data and corporate earnings, as well as the ongoing threat that the tension between Russia and Ukraine could escalate into further violence.

Small-cap shares have been in focus lately, with the Russell 2000 .TOY index down 1.1 percent on Tuesday, bucking the otherwise positive tone on the day. Some analysts are concerned that persistent weakness in small-caps could spread throughout the market.

S&P 500 futures fell 2 points and were 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 slipped 9 points and Nasdaq 100 futures lost 2.25 points.

Sears Holding Corp (SHLD.O) said it would hire an investment bank to help explore alternatives for its 51 percent stake in Sears Canada (SCC.TO).

Fossil Group Inc (FOSL.O) late Tuesday gave a second-quarter profit outlook that was much lower than expected, pressured by rising costs.

Investors are looking ahead to April producer prices data, which will be released at 8:30 a.m. EDT (1230 GMT) and are seen rising 0.2 percent. Quarterly results from Cisco Systems (CSCO.O) will be released after the market closes.

While the situation in Ukraine has not been a primary market mover this week, investors continue to watch the situation closely. On Tuesday, pro-Russian separatists ambushed Ukrainian troops, killing seven in the heaviest loss of life for government forces in a single clash.