* HP shares continue to rise on optimism about revenues
* Data on labor market, consumer sentiment and durable goods
* Trading expected to be light ahead of Thanksgiving
* Futures up: Dow 21 pts, S&P 1.2 pt, Nasdaq 6 pts
By Ryan Vlastelica
NEW YORK, Nov 27 U.S. stock index futures were
little changed on Wednesday as investors found few reasons to
buy before the Thanksgiving holiday and major indexes stood near
Adding to last quarter's higher results, technology comany
Hewlett-Packard rose after it reported late on Tuesday
revenues exceeded Wall Street's forecasts.
Trading is expected to be light this week, with many market
participants out for the holiday. The stock market will be
closed on Thursday and will close at 1 p.m. (1800 GMT) on
Friday. The light volume could add to market volatility.
Wall Street has soared this year, largely on expectations
for continued stimulus from the Federal Reserve. Both the Dow
and S&P 500 have risen more than 20 percent in
2013, hitting a series of all-time highs, while the Nasdaq
on Tuesday closed above 4,000 for the first time since
"A lot of investors are taking a pause, considering whether
they should take gains at these levels," said Tim Speiss, head
of personal wealth advisors at EisnerAmper in New York. "There's
not much out there that will cause significant gains or losses
in the markets."
Tech shares will be in focus a day after Hewlett-Packard
beat revenue forecasts. Sales growth in its enterprise group
inspired optimism about the company's turnaround plan. The stock
jumped 6 percent to $26.60 in premarket trading.
S&P 500 futures rose 1.2 points 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 futures added 21
points and Nasdaq 100 futures rose 6 points.
The year's equity gains have been largely uninterrupted,
prompting many investors to call for at least a short-term
"The big question is whether the market is properly valued,"
said Speiss. "We've come far enough that if we were to correct
by 4 or 6 percent over the near term, that wouldn't be that big
While the Fed's stimulus program is expected to put a floor
under equity prices for as long as it continues, recent
volatility has come on uncertainty over when the program will
end. The central bank has said it would begin to slow its
stimulus measures when certain economic measures meet its
targets, putting a heightened focus on economic data.
Several economic reports will be released on Wednesday,
including durable goods orders for October, as well as weekly
jobless claims. Both will be released at 8:30 a.m. (1330 GMT),
with durable goods orders seen falling 1.9 percent and initial
jobless claims expected to rise by 7,000 to 330,000 in the
After the market opens, the November Chicago Purchasing
Managers Index will be released at 9:45 a.m., followed by the
final November Thomson Reuters/University of Michigan gauge on
consumer sentiment at 9:55 a.m. The PMI is seen falling to 60
from 65.9, while the sentiment index is expected to rise to 73.5
from a preliminary reading of 72.
Energy shares could be pressured as crude oil dropped
1.1 percent to $92.67 alongside a higher-than-expected increase