* S&P has moved less than 0.1 percent for past two days
* Pending home sales, second read on Q2 GDP on tap
* Dow down 7 pts, S&P down 0.3 pt, Nasdaq down 2.25 pts
By Ryan Vlastelica
NEW YORK, Aug 29 (Reuters) - U.S. stock index futures were
little changed on Wednesday, indicating a third day of limited
action amid a dearth of trading incentives and as investors
looked ahead to Federal Reserve Chairman Ben Bernanke's speech
* Daily volume so far this week has been low even for a
seasonally slow period. Volume is about 30 percent below the
year-to-date average, an indication of how market participants
are reluctant to make any major trading moves ahead of the Fed
* Bernanke is scheduled to address a conference of central
bankers in Jackson Hole, Wyoming, and could announce new
measures to boost growth. He is expected to stoke expectations
for a third round of quantitative easing, though he may not
detail the timing of such a measure.
* In the absence of clarity on those issues, analysts expect
light trading to continue. The S&P dipped over the past two
sessions, but the decline was less than 0.1 percent on both
days. It hasn't closed with a 1 percent move in either direction
since Aug. 3.
* S&P 500 futures fell 0.3 point and were slightly
under 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 fell 7
points and Nasdaq 100 futures lost 2.25 points.
* The S&P 500 has been pinned in a fairly tight range over
the last three weeks, finding support at 1,400 while also unable
to convincingly pierce the April high of 1,422.38, which has
acted as a resistance point. The index has been unable to muster
a move of at least 1 percent in either direction since Aug. 3.
* A second estimate on second-quarter gross domestic product
is due to be released by the U.S. Commerce Department at 8:30
a.m. ET (1230 GMT). The reading is expected to show growth of
1.7 percent, compared with 1.5 percent in the first estimate
published in July.
* Pending home sales are due out at 10:00 a.m. ET (1400
GMT)and are seen rising 1 percent in July, rebounding from a 1.4
percent decline in June. At 2:00 p.m. ET (1800 GMT), the Federal
Reserve will publish the Beige Book of regional economic
conditions. None of the data is likely to significantly change
the perception of how likely QE3 is.
* In company news, a U.S. judge set a Dec. 6 court date to
hear Apple Inc's request for a permanent injunction
against Samsung Electronics' smartphones, which
could delay the potential impact of Apple's crushing legal
* WellPoint Inc Chief Executive Angela Braly
abruptly stepped down late Tuesday following growing investor
dissatisfaction with the health insurer's financial performance.
* Sources said private equity firm KKR Inc was in
talks to invest about $1.3 billion for control of Japan's
Renesas Electronics Corp.
* U.S. stocks ended little changed in another day of scarce
activity on Tuesday after mixed economic data on consumer
confidence and home prices gave investors little reason to shift
their focus from Bernanke's upcoming speech.