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The S&P rose above 1,900 for the first time on
Tuesday, though it gave up some of its gains in afternoon
trading to end barely higher for a third straight day.
Investors are looking for fresh catalysts to keep the market's
momentum going amid mixed reads on the economy from data and
corporate earnings, as well as the ongoing threat that the
tension between Russia and Ukraine could escalate into further
violence.
Small-cap shares have been in focus lately, with the Russell
2000 index down 1.1 percent on Tuesday, bucking the otherwise
positive tone on the day. Some analysts are concerned that
persistent weakness in small-caps could spread throughout the
market.
S&P 500 futures fell 2 points and were below 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 slipped 9 points and Nasdaq 100
futures lost 2.25 points.
Sears Holding Corp said it would hire an investment bank to help
explore alternatives for its 51 percent stake in Sears Canada.
Fossil Group Inc late Tuesday gave a second-quarter profit
outlook that was much lower than expected, pressured by rising
costs.
Investors are looking ahead to April producer prices data, which
will be released at 8:30 a.m. EDT (1230 GMT) and are seen rising
0.2 percent. Quarterly results from Cisco Systems will be
released after the market closes.
While the situation in Ukraine has not been a primary market
mover this week, investors continue to watch the situation
closely. On Tuesday, pro-Russian separatists ambushed Ukrainian
troops, killing seven in the heaviest loss of life for
government forces in a single clash.
(Editing by Bernadette Baum)
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