By Yashaswini Swamynathan
REUTERS - Wall Street was set to open little changed on Wednesday as investors sought more clues on the timing of the next interest rate hike.
A number of U.S. Federal Reserve officials have recently hinted at a potential interest rate hike in the near term. However, a set of weak economic data suggests that the economy may not yet be ready for such a move.
The Fed is scheduled to release its Beige Book - a summary of commentary on economic conditions - later in the day that will be parsed by investors for rate-hike clues.
"We've had three to four pieces of relatively disappointing economic data, so that puts some focus on today's Beige Book," said Art Hogan, managing director of Wunderlich Equity Capital Markets.
The markets are going to be in a wait-and-see mode until the Fed comes to some consensus of a rate hike in December, Hogan said.
The Nasdaq closed at a record level on Tuesday, while the S&P 500 and the Dow edged up after weak services data dimmed the prospects of a rate hike when the Fed meets later this month.
Traders have priced in a 15 percent chance of a hike in September and a 45.7 percent chance in December, according the CME Group's FedWatch tool.
The dollar index was trading flat on Wednesday after falling more than 1 percent a day before. Oil prices also rose about 0.75 percent. [O/R]
Dow e-minis were down 9 points, or 0.05 percent at 8:21 a.m. ET, with 13,002 contracts changing hands.
S&P 500 e-minis were down 3 points, or 0.14 percent, with 142,777 contracts traded.
Nasdaq 100 e-minis were up 2.5 points, or 0.05 percent, on volume of 20,113 contracts.
The U.S. Labor Department will release a report on monthly job openings and layoffs at 10:00 a.m. ET (1400 GMT). The report will give more insight into the labor market.
Apple shares were up 0.19 percent at $107.90 in thin premarket trading. The biggest company by market value is expected to unveil the new iPhone 7 later on Wednesday.
Chipotle rose 5.7 percent to $437.50 after activist investor William Ackman's hedge fund Pershing Square bought a 9.9 percent stake in the burrito chain operator.
Retrophin jumped 25.6 percent after the company said its drug to treat a kidney disorder met the main goal of a mid-stage study.
Valeant rose 2.3 percent to $30.15 after the company and Progenics announced the U.S. commercial launch of FDA-approved Relistor tablets. Progenics rose 5.8 percent.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D'Silva)
Disclaimer: No Business Standard Journalist was involved in creation of this content
