* Toll Brothers, Michael Kors up after earnings; DSW drops
* S&P 500 aims for fifth straight day of gains
* Futures: Dow up 5 pts, S&P flat, Nasdaq down 2 pt
By Rodrigo Campos
NEW YORK, May 28 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
* 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
* 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)