* Upswing seen as intact but volume has been light
* Few catalysts seen driving trading
* Futures up: Dow 10 pts, S&P 0.25 pt, Nasdaq 0.5 pt
(Updates prices, adds Chico's results)
By Ryan Vlastelica
NEW YORK, Aug 27 U.S. stock index futures
pointed to a flat open on Wednesday, as investors found few
reasons to keep buying after a rally that has taken indexes to
repeated records, even as there was little seen on the horizon
that could derail the rally.
* On Tuesday, the S&P 500 closed above 2,000 for the
first time while the Dow ended near a record high. Both
indexes 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
* 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 0.25 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 10 points and Nasdaq 100 e-mini futures
added 0.5 point.
* In company news, Tiffany & Co rose 1.2 percent to
$102 in premarket trading after reporting second-quarter revenue
that topped expectations and raising its full-year profit view.
Chico's FAS Inc fell 5.4 percent to
$15.16 before the bell after its results.
* 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 rose 1.5 percent to $14.49 in
premarket trading, extending 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.
* The situation between Russia and Ukraine has faded as a
market driver. In comments that could escalate the standoff,
however, Ukrainian Prime Minister Arseny Yatseniuk said Kiev
knew of plans by Russia to halt gas flows this winter to Europe.
(Editing by Jeffrey Benkoe and James Dalgleish)