U.S. stocks were set to open little changed on Wednesday as investors sorted through company news to find reasons to lift the market further after three days of gains.
Dow component Walt Disney Co
It is a direction-less sort of morning, and investors are starving for information, said Lawrence Creatura, portfolio manager at Federated Investors in Rochester, New York.
Individual events gain disproportionate significance. That's why Disney is so important to the market's move, but its early in the day.
S&P 500 futures dipped 0.6 point and were flat in terms of fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures gained 10 points, and Nasdaq 100 futures shed 0.75 point.
American International Group Inc
Some investors are still trying to figure out whether being in a partnership with the U.S. government is a good or bad thing, Creatura said.
Johnson & Johnson
The latest economic report from China showed industrial output growth eased in April, suggesting the world's second-biggest economy is cooling and reducing the need for more monetary policy tightening. But Chinese inflation remains high.
The Chinese inflation numbers are starting to become less of an issue, said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire. A lot of the problem with inflation in China is domestic.
In a day thin on U.S. economic indicators, the government said the U.S. trade deficit widened more than expected in March, as exports leapt to a new record but imports rose nearly 5 percent as oil prices jumped.
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)