Wall Street set to open little changed after S&P record
By Rodrigo Campos 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)
