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US STOCKS-Futures flat; Dow and S&P 500 at new closing highs

Source : REUTERS
Last Updated: Wed, May 08, 2013 11:20 hrs

* Dow closes above 15,000 for first time, S&P also at record

* Disney profit beats expectations, Whole Foods ups outlook

* European shares rise, Chinese data lifts mining stocks

* Futures: Dow down 5 pts, S&P up 1.3 pt, Nasdaq up 2.75 pts

By Ryan Vlastelica

NEW YORK, May 8 (Reuters) - U.S. stock index futures were little changed on Wednesday, as investors found little reason to push shares decisively one way or the other, following gains that took indexes to fresh highs a day earlier.

* S&P 500 futures had also indicated days of little movement on Monday and Tuesday ahead of the market open, but stocks jumped on both days. The S&P has now risen for four straight sessions, up 2.7 percent over that period, and up more than 14 percent thus far in 2013.

* While the market continues to be on an uptrend, with analysts citing the attractive valuation of equities relative to other asset classes, the magnitude and speed of the rally has spurred expectations of a pullback. Wall Street hasn't undergone a sustained decline this year as investors continue to buy on market declines.

* The U.S. stock market's gains so far have come on strong corporate results and accommodative monetary policies from the Federal Reserve, two factors that may now be priced into the markets.

* S&P 500 futures rose 1.3 point and were 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 dipped 5 points and Nasdaq 100 futures rose 2.75 points.

* The Dow closed above 15,000 for the first time on Tuesday and the S&P 500 ended at another record high. Both indexes hit all-time intraday highs during the session.

* Dow component Walt Disney Co reported earnings late Tuesday that beat expectations and revenue that was up 10 percent, while Whole Foods Market Inc reported a rebound in same-store sales and raised its full-year profit view.

* J.C. Penney Co Inc posted a steep drop in its first-quarter same-store sales, though investors were cheered that the troubled department store posted cash levels that implied it had gone through less money than feared. The stock is down 17 percent so far this year.

* Earnings have largely been better than expected. About 68.5 percent of S&P 500 companies have surpassed estimates so far. At the same time, revenues have been disappointing.

* News Corp, CenturyLink Inc and CF Industries are among companies due to report Wednesday.

* European shares rose, with mining stocks among the day's strongest as strong Chinese trade data indicated a better outlook for one of the world's largest economies.




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