U.S. stocks were poised for a slightly higher open on Wednesday ahead of data on the housing market a day after the S&P 500 snapped a three-day winning streak.
Equities fell for the first time in four sessions and second in the past ten on Tuesday as a warning about China's growth sparked selling in energy and industrial shares, although broad selling was minimal.
While the benchmark index has steadily moved higher over the past two weeks, both gains and losses have been muted as investors weigh the possibility of a pullback against a surge higher.
Investors will look to data at 10 a.m. (1400 GMT) when the National Association of Realtors will release its existing home sales for February for signs excess inventory in the housing market is diminishing. Economists in a Thomson Reuters survey forecast a 4.62 million annualized unit total versus 4.57 million in January.
People are looking for a pullback and they are still not trusting the data and they still aren't believing their eyes, said Carol Pepper, CEO of Pepper International in New York.
It's like an early spring phenomenon when you have a couple of warm days and you are worried if spring is really here or will we have another freeze - should I put my plants in the ground or should I wait?
S&P 500 futures rose 1 point and were slightly 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 added 16 points, and Nasdaq 100 futures shed 1.75 points.
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(Reporting By Chuck Mikolajczak; Editing by Theodore d'Afflisio)