Wall Street set to open little changed after S&P record

NEW YORK (Reuters) - U.S. stocks were set to open little changed on Wednesday, with technicals in focus and scant key items on the U.S. economic calendar, following yet another record close on the benchmark S&P 500 index.

Investors' appetite for equities was supported by strong U.S. economic data and expectations of monetary easing by the European Central Bank, while the euro was seen weakening further from a 2-1/2 year high hit earlier this month and the U.S. 10-year yield touched its lowest since July, below 2.47 percent.

Utilities and other dividend payers could get a bump among equities as downward pressure continues on fixed income yields.

If the S&P 500 advances for a fifth straight day, it would be its second-longest run this year. The index closed at 1,911.91, in the 1,910 area seen as technical resistance. Support kicks in at 1,900 and then at the 14-day moving average, now near 1,887.

Upbeat earnings from Toll Brothers could push homebuilders higher while retailer Michael Kors was little changed in premarket trading and DSW fell after posting results.

S&P 500 e-mini futures were flat, and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a flat open. Dow Jones industrial average e-mini futures rose 5 points and Nasdaq 100 e-mini futures shed 2 points.

Canadian drugmaker Valeant Pharmaceuticals raised the cash component of its offer for Botox-maker Allergan , valuing the U.S. firm at $49.44 billion. Valeant shares fell 0.6 percent and Allergan was flat in premarket trading.

Toll Brothers shares added 3.3 percent in premarket trading after the largest U.S. luxury homebuilder said quarterly profit more than doubled as it sold more homes at higher prices.

Michael Kors Holdings reported a 59 percent jump in quarterly profit as sales of its handbags and watches surged in North America. Shares were up 3.5 percent in trading before the bell.

Footwear retailer DSW tumbled 20 percent in premarket trading after reporting a drop in sales.

Workday Inc's shares rose 5 percent in premarket trading a day after it raised its full-year revenue forecast and reported a 74 percent jump in first-quarter revenue on strong subscription growth for its web-based human resources software.

(Editing by Bernadette Baum)

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