* S&P 500 comes off two-day rally, near record close
* FedEx and Oracle fall after results, Adobe higher
* Investors don't expect curve balls in Fed statement
* Futures up: Dow 22 pts, S&P 2.9 pts, Nasdaq 7.5 pts
(Adds FedEx results)
By Ryan Vlastelica
NEW YORK, March 19 U.S. stock index futures
pointed to a slightly higher open on Wednesday, putting major
indexes on track for a third day of gains, as investors looked
ahead to comments from Federal Reserve Chair Janet Yellen.
* The S&P 500 looked to open near record levels despite sour
notes sounded by weak results from FedEx Corp, an
economic bellwether, and Oracle Corp.
* FedEx posted third-quarter results that were below
expectations and gave a weak full-year profit forecast, saying
it had been significantly hurt by winter storms. The stock fell
0.1 percent to $138.50 in premarket trading.
* Geopolitical concerns remained in view after Ukraine's
acting defense minister said the country's forces would not
withdraw from Crimea after the region voted to join Russia in a
* Russian President Vladimir Putin has signed a treaty to
make it part of Russia, and while no violence was reported as
pro-Russian forces took control of part of a Ukraine naval base,
investors are concerned that tensions in the region could
* Technology shares will be in view a day after results from
both Oracle and Adobe Systems Inc. Oracle reported
revenue that was below estimates, dashing hopes for a sustained
turnaround and sending shares down 3.2 percent to $37.61 before
the bell. Adobe rose 1.3 percent to $69.40 in premarket after it
gave a second-quarter revenue outlook that was ahead of analyst
* The Fed will announce its policy decision in a statement
at 2:00 p.m. (1800 GMT), concluding a two-day meeting. That will
be followed by Yellen's first news conference as chair.
* The Fed is not expected to deviate from its policy path so
far, and analysts said a further reduction in the central bank's
stimulative bond-buying program was largely priced into markets.
Still, as the Fed's stimulus has kept a floor under equity
prices, market participants will be attuned to any comments on
the speed of future cuts, as well as how soon interest rates
might be raised.
* S&P 500 futures rose 2.9 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 22
points and Nasdaq 100 futures rose 7.5 points.
* Equities have rallied this week, boosted by easing
geopolitical concerns, though trading volumes have been light.
The S&P 500 has risen 1.7 percent over the past two days,
the best back-to-back performance for the benchmark index since
early February, putting it just 0.3 percent away from a record
closing high of earlier this month.
* JPMorgan Chase & Co said it would sell its
physical commodities business to Swiss trade house Mercuria for
* KB Home rose 5.8 percent to $18.70 after the
company reported its first-quarter results.
* Google Inc on Tuesday unveiled plans to help
develop smart watches and other wearable computers based on its
Android mobile operating system.
(Editing by Bernadette Baum)