By Angela Moon
NEW YORK (Reuters) - Wall Street was set for a higher open on Wednesday on signs of urgent moves in Europe to rescue Spain's troubled banks, but comments from the ECB president disappointed a market hoping for further stimulus to tackle the euro zone's debt crisis.
Resisting international pressure to provide more support for the euro zone's ailing economy, the European Central Bank held its main interest rate a 1 percent. ECB President Mario Draghi said it is "no(t) right for monetary policy to fill others' lack of action," suggesting there would be no more long-term lending to banks unless governments come up with solutions.
"Bottom line, Draghi didn't bring the meat the market dogs were hoping for as he seems to be standing pat for now, likely waiting for more stress to develop before announcing something new of substance," said Peter Boockvar, equity strategist at Miller Tabak + Co in New York.
Germany and European Union officials are urgently exploring ways to rescue Spain's banks although Madrid has not yet requested assistance and is resisting political conditions, several EU sources said on Wednesday.
Investors will take a closer look at the state of the economy from the Federal Reserve's Beige Book of regional economic conditions due at 2:00 p.m. ET (1800 GMT). Fed Chairman Ben Bernanke will also be testifying on the economy before a congressional committee on Thursday.
S&P 500 futures rose 6.4 points 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 added 47 points, and Nasdaq 100 futures rose 14.50 points.
Nonfarm productivity fell more than expected in the first quarter, as companies gave more hours to employees but only modestly expanded output.
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The European Commission proposed far-reaching powers for regulators to deal with failing banks on Wednesday, a step toward the banking union sought by the ECB, which will come too late to help Spain.
Moody's Investors Service cut the credit ratings of six German banking groups and Austria's three largest banks on Wednesday, saying they face risks if the euro zone crisis deepens.
(Reporting By Angela Moon, editing by Dave Zimmerman)
