U.S. stock index futures were mostly flat on Wednesday, following two days of strong market gains and ahead of key jobs and services sector data expected to show the U.S. economy has continued to improve.

* Automatic Data Processing will release its January employment report at 8:15 a.m. EST. Economists in a Reuters survey forecast 30,000 jobs were lost last month in the private sector, fewer than 84,000 in December. The report may give clues about the closely watched non-farm payrolls government report due Friday.

* The Institute for Supply Management releases its January non-manufacturing index at 10 a.m. Economists look for a reading of 51.0, indicating an expansion in the services sector, versus 49.8 in December.

* S&P 500 futures rose 1.5 points but were slightly below 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 11 points, and Nasdaq 100 futures added 2.25 points.

* Time Warner Inc swung to a quarterly profit and posted higher revenues, courtesy of hit movies like Sherlock Holmes and The Hangover, and raised its dividend.

* Shares of News Corp rose more than 4 percent after the bell Tuesday after the entertainment and media group also swung to a quarterly profit and topped expectations thanks to its blockbuster film Avatar and improved advertising sales. The company also raised its outlook and dividend.

* Bank of America Corp has approved more than $4 billion in 2009 compensation for its investment bankers and traders, according to the Wall Street Journal.

* Pfizer Inc
fell nearly 2 percent to $18.70 in premarketing trading after the world's biggest drugmaker reported quarterly results early Wednesday.

* Cisco Systems Inc is also expected post results that are expected to confirm a recovery in computer network spending.

* A major Chinese bank has raised mortgage rates in a sign the government's lending clampdown is rippling through the economy and could tame excessive growth.

* U.S. stocks rallied for a second day on Tuesday as better-than-expected earnings and encouraging economic data calmed investors after a recent selloff.

(Editing by Jeffrey Benkoe)