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US STOCKS-Wall St to open flat, quarter set to end positive
June 30, 2014 / 12:55 PM / 3 years ago

US STOCKS-Wall St to open flat, quarter set to end positive

* S&P 500, Nasdaq to add to string of quarterly gains

* Chicago PMI, pending home sales data due

* MannKind rallies on approval of inhaled insulin

* Futures: Dow off 5 pts, S&P flat, Nasdaq up 2 pts (Updates prices)

By Rodrigo Campos

NEW YORK, June 30 (Reuters) - U.S. stocks were set to open little changed on Monday ahead of business activity and home sales data, with the S&P 500 and Nasdaq Composite indexes set to close a sixth straight quarter of gains - a streak not seen in more than 14 years.

* The Chicago Purchasing Manager Index is due to be released at 9:45 a.m. EDT (1345 GMT) and the National Association of Realtors will publish its pending home sales index at 10:00 a.m. (1400 GMT).

* With an abbreviated week due to the U.S. Independence Day holiday on Friday and a ream of data due Wednesday and Thursday, there may be increased volatility in a market that has been frustratingly placid for some traders.

* The S&P closed Friday 0.1 percent below its record close set a week earlier.

* S&P 500 e-mini futures were down less than a point 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 fell 5 points and Nasdaq 100 e-mini futures added 2 points.

* Barring a market slide on Monday, the S&P and Nasdaq will close up for a sixth straight quarter. That is the longest streak of quarterly advances for the Nasdaq since 2000, while for the S&P, it is the best run of quarters since 1998. The Dow will close its fifth higher quarter of the last six.

* U.S. regulators on Friday approved MannKind Corp’s inhaled insulin, saying the device offered a new treatment option for patients with diabetes. MannKind shares jumped 12 percent in premarket trading.

* Markets will continue to keep an eye on the Middle East as Iraqi troops battle for Tikrit after the leader of an al Qaeda splinter group was declared caliph of a new Islamic state in lands seized this month across a swathe of Iraq and Syria.

Reporting by Rodrigo Campos; Editing by Bernadette Baum

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