Wall Street set to open modestly higher but HP off

NEW YORK (Reuters) - Stocks were set to open slightly higher on Wednesday, a day after Wall Street suffered its worst session since August on geopolitical turmoil in Libya.

Brent crude futures rose 2.2 percent, staying near a 2-1/2 year high. Markets were concerned the turmoil could spread to other top oil producers in the region and cut more output, weighing on energy stocks.

A senior aide to Libyan leader Muammar Gaddafi's influential son Saif resigned as an Italian official claimed that as many as 1,000 people have been killed in the unrest.

"Investors are definitely eyeing the situation with caution, but the market here is understanding that Libya is not a big oil producer and most of its oil goes to Europe," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.

U.S. technology shares will be in the spotlight after Hewlett-Packard Co trimmed its revenue forecast late Tuesday, citing weak consumer demand for personal computers and a lackluster showing from its services arm. The stock fell 9.5 percent to $43.60 in premarket trade.

S&P 500 futures rose 1.6 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 gained 27 points, and Nasdaq 100 futures added on 8.25 points.

Major stock indexes sold off across the board on Tuesday, with the Dow falling below several short-term technical indicators before closing above 12,200, a backstop for the Dow since February 8.

"However, the Dow breached key support at its 10-day moving average. This trendline, currently perched near 12,268, could create a headwind for the Dow, with additional resistance lying in the 12,300 region," said Joseph Hargett, an analyst at Schaeffer's Investment Research in Cincinnati, Ohio.

Investors will watch January existing home sales data, due at 10 a.m. EST. Existing home sales are expected to fall in January to an annualized rate of 5.24 million units from 5.28 million, according to a Reuters survey.

Nasdaq OMX Group Inc , left out of a global consolidation among exchanges, is exploring options that include teaming up with a partner on a rival bid for NYSE Euronext , a source said on Tuesday.

The Federal Reserve's monetary policy should remain accommodative for some time yet, Chicago Federal Reserve President Charles Evans told the Financial Times.

Lowe's Cos Inc , the No. 2 U.S. home improvement chain, gave a lackluster outlook for the current quarter despite strong fourth-quarter results. The stock fell 2.3 percent to $25.40 premarket.

Luxury homebuilder Toll Brothers Inc swung to a quarterly profit from a year-ago loss on an increase in home prices. The stock rose 2.5 percent to $21.27 premarket.

(Reporting by Angela Moon; editing by Jeffrey Benkoe)