By Rodrigo Campos
NEW YORK (Reuters) - Stock futures were mostly flat on Wednesday as investors had few reasons to act ahead of another meeting of EU leaders expected to do little to solve the region's debt crisis.
The euro was also little changed against the U.S. dollar while European equities <.FTEU3> rose in choppy trade.
Few anticipate anything concrete to emerge from the two-day European Union meeting that kicks off Thursday after German Chancellor Angela Merkel said debt sharing, an idea backed by France, Italy and Spain, would not happen in her lifetime.
"This is like a slow motion car accident occurring over there and the market has certainly set this into prices," said Robert Pavlik, chief market strategist at Banyan Partners LLC in Palm Beach Gardens, Florida.
"The impact of lasting and additional austerity may not have been fully priced in though," he said. "That could keep the euro zone in an extended period of recession that could continue to drag on (U.S.) earnings."
Investors awaited May durable goods orders, due at 8:30 a.m. EDT. Economists in a Reuters survey expect a 0.4 percent rise compared with an unchanged reading in April. Also on deck are pending home sales for May, due at 10 a.m..
"So far the trends in manufacturing are not good and I think that's a reflection of the slower growth around the world," Pavlik said.
S&P 500 futures rose 1.5 points and were little changed in terms of fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures fell 6 points, and Nasdaq 100 futures added 0.75 point.
Some of Wall Street's top analysts have published their research on Facebook Inc
Shares of Lennar Corp
A U.S. judge on Tuesday backed Apple's
Google
(Reporting by Rodrigo Campos, editing by Dave Zimmerman)
