U.S. stocks index futures were flat on Wednesday as the S&P 500 struggled to push above a key technical level amid continued concerns about the health of the economy.
The broad-based S&P has traded around its 50-day moving average for the last four days after falling sharply last week following a bleak assessment of the economy from the U.S. Federal Reserve. The 50-day average is currently about 1,088.

Investors have been torn between signs the economy is slowing and better corporate results.

Deere & Co (DE.N) reported stronger-than-expected quarterly profit early Wednesday, helped by robust demand for its biggest tractors and harvesters in the United States. Target Corp (TGT.N) also reported quarterly results early Wednesday.

Applied Materials Inc (AMAT.O), Limited Brands Inc (LTD.N) and NetApp Inc (NTAP.O) are among key U.S. companies due to report later Wednesday.
S&P 500 futures SPc1 fell 0.4 point 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 DJc1 rose 4 points, and Nasdaq 100 futures NDc1 lost 3.25 points.

Investors will watch developments in this year's biggest takeover attempt as BHP Billiton Ltd (BHP.AX) (BLT.L), the world's largest mining group, launched a hostile $39 billion bid for Potash Corp of Saskatchewan Inc (POT.TO) (POT.N) after the Canadian fertilizer group's board rejected its offer.

U.S. mortgage applications leaped to its highest level in 15 months last week as rock-bottom rates lifted demand for home refinancing loans, the Mortgage Bankers Association said.

Resource-related stocks will be in focus after crude oil futures fell 1.3 percent as petroleum inventories in the United States headed for a record, following an unexpected sharp increase in crude stocks last week.

Source: Reuters