US STOCKS-Futures flat as bond yields rise

* Higher bond yields, dollar pressure futures

* Fortune Brands to split company into three, shares up

* Futures: S&P up 0.4 pt, Dow off 9 pts, Nasdaq up 4 pts

* For up-to-the-minute market news see [STXNEWS/US] (Writes through, adds details, quote, byline)

By Leah Schnurr

NEW YORK, Dec 8 (Reuters) - U.S. stock index futures were little changed on Wednesday, pressured by rising bond yields and a stronger dollar.

Yields rose along with the greenback following Tuesday's deal to extend tax cuts that intensified worries about inflation and the costs of the government's debt burden. For details, see [ID:nL3E6N80FG]

Higher bond yields makes it more expensive for consumers and businesses to borrow, while stocks and the dollar have moved in opposite directions of late. A rise in yields and the dollar could also draw money away from equities.

The 10-year U.S. Treasury yield rose to 3.25 percent during trading in Asia, a level not seen since late June and beyond Tuesday's high of 3.18 percent. The dollar index <.DXY> rose 0.6 percent.

"We've been extremely closely tied to what happens to the dollar versus the euro," said Arthur Hogan, chief market analyst at Jefferies & Co in Boston.

"We've got a little strength in the dollar this morning. So that puts pressure on equities markets and commodities markets."

Adding negative sentiment was news the U.S. Securities and Exchange Commission has issued more than a dozen subpoenas in its investigation of insider trading on Wall Street, potentially undermining public confidence in the markets. [ID:nN07296421]

S&P 500 futures rose 0.4 point and were above 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 fell 9 points, while Nasdaq 100 futures added 4 points.

The S&P 500 faces resistance at the 1,228 level, which represents the 61.8 percent Fibonacci retracement of the 2007-2009 bear market slide, a key technical indicator. The level was confirmed as strong resistance on Tuesday after the index broke through during the session but closed below that point at 1,223.12.

On the Nasdaq, Foster Wheeler AG rose 1.8 percent to $31.16 in light premarket trade after Goldman Sachs raised its rating to "buy" from "neutral" and boosted the U.S. engineering and construction sector to "attractive" from "neutral." [ID:nWNAB7468]

Chipmaker bellwether Texas Instruments Inc narrowed its earnings outlook in line with estimates, and its shares were off 1.2 percent to $33. The company also said it was confident a recent correction in demand for its chips would be short-lived. [ID:nN07288607]

Home Depot Inc forecast an increase in both sales and profits next year, but its shares eased 0.8 percent to $33.30 premarket. [ID:nN08123950]

Fortune Brands Inc said it plans to split into three companies, sending its shares up 4.7 percent at $64. [ID:nN08124002]

Stocks eked out a small gain Tuesday after an earlier advance as a tax cut deal was derailed by the rising bond yields and reports of the insider-trading probe. (Editing by Jeffrey Benkoe)