* Upswing seen as intact, but volume has been light
* Few catalysts seen driving trading
* Futures up: Dow 15 pts, S&P 1 pt, Nasdaq 1.75 pt
By Ryan Vlastelica
NEW YORK, Aug 27 U.S. stock index futures were
slightly higher on Wednesday, suggesting the market's recent
upswing that has taken indexes to repeated records, was set to
continue with little on the horizon to derail the rally.
* On Tuesday, the S&P 500 closed above 2,000 for the first
time while the Dow ended near a record. Both the Dow and the S&P
have risen in 10 of the past 13 sessions, and the S&P has closed
at a record 30 times this year, according to S&P Dow Jones
* The S&P's price-to-earnings ratio is within historical
norms, suggesting stocks are not overvalued, even at record
levels. Nonetheless, further pronounced gains may be a
challenge, given the few positive catalysts as well as
potential headwinds like a reduction in U.S. Federal Reserve
stimulus and the conflict between Ukraine and Russia.
* Markets haven't undergone a correction since 2012, giving
analysts another reason to expect a pullback. Much of the recent
gains have come on low volume, suggesting investors are
reluctant to jump in at current levels.
* S&P 500 e-mini futures rose 1 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 e-mini futures
rose 15 points and Nasdaq 100 e-mini futures added 1.75
* Chipmaker Qualcomm Inc may face a European
investigation related to a four-year-old complaint from a
subsidiary of rival Nvidia Corp, sources told Reuters.
* Allergan Inc said late Tuesday it scheduled a
special shareholders meeting for Dec. 18. Activist investor Bill
Ackman, who supports a hostile bid for the company by Valeant
Pharmaceuticals Inc, will attempt to oust most of the
* Digital Ally Inc dipped 0.9 percent to $14.15 in
premarket trading after a massive rally that has lifted shares
more than 270 percent in August alone. The wearable camera maker
has reported heightened demand since Aug. 9, when a white police
officer shot and killed an unarmed black teen in Ferguson,
Missouri, triggering weeks of protests.
* Tiffany & Co rose 1.2 percent to $102 premarket
after the luxury retailer reported second-quarter revenue that
* The situation between Russia and Ukraine has faded as a
market driver. In comments that could escalate the standoff,
Ukrainian Prime Minister Arseny Yatseniuk said Kiev knew of
plans by Russia to halt gas flows this winter to Europe.
(Editing by Jeffrey Benkoe)