By Edward Krudy
NEW YORK (Reuters) - Stocks index futures pointed to a slightly higher open on Wednesday as investors looked to build on a rally in the last session and push the S&P 500 above key technical levels.
The broad-based S&P has traded around its 50-day moving average for the last four days after falling sharply last week following a bleak assessment of the economy from the U.S. Federal Reserve. The 50-day average is currently about 1,088.
Investors have been torn between signs the economy is slowing and better corporate results. Stocks rallied more than 1 percent on Tuesday, helped by earnings from Wal-Mart Stores Inc
"We are in a holding pattern here, trying to work out which way the economy is going," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago. "The theme has been that the earnings have been supportive and positive for the market, but when earnings are over with, we are left with deteriorating data and the possibility of a move lower."
Two big U.S. companies, Deere & Co
Target fell 2.3 percent to $49.50 premarket despite rising profits.
BJ's Wholesale Club Inc
S&P 500 futures rose 3.5 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 rose 30 points, and Nasdaq 100 futures were up 3.5 points.
U.S.-traded shares of Potash Corp of Saskatchewan Inc
Resource-related stocks will be in focus after crude oil futures fell about 1 percent, a day after an industry report showed a sharp increase in U.S. petroleum inventories.
European stocks <.FTEU3> were little changed, while Japan's Nikkei average <.N225> rose nearly 1 percent a day after the index hit an eight-month closing low, though increases were limited by yen strength against the dollar.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)
