Wall Street set to open flat with S&P 500 near record high
By Rodrigo Campos | February 12, 2013 1:14 AM EST
Stocks were set to open little changed on Monday as investor scrambled to find catalysts for trading, while low volume could make trading volatile and exaggerate moves.
Upbeat U.S. and Chinese data last week helped extend the winning streak of the S&P 500 index to six weeks. The benchmark is up 6.4 percent so far this year after a steep rally in January that has stalled as the S&P and Dow industrials near record highs.
No economic data or major earnings reports are scheduled, but Federal Reserve Vice Chair Janet Yellen is due to speak about the economic recovery at 1 p.m.
Technical indicators are "looking very good" and could give the market a floor Monday, according to Peter Cardillo, chief market economist at Rockwell Global Capital in New York.
He said the market will pay attention to Yellen's speech, but he doesn't expect any deviation from her traditionally dovish monetary policy stance.
S&P 500 futures rose 0.6 point but were slightly below 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 rose 29 points, and Nasdaq 100 futures added 1.6 points.
Opposition grew to the $24.4 billion buyout of Dell Inc
(Reporting by Rodrigo Campos; Editing by Chizu Nomiyama and Kenneth Barry)