U.S. futures mixed ahead of data; Dow Jones up 0.04%

Investing.com - U.S. stock futures pointed to a mixed open on Wednesday, as investors eyed the release of U.S. economic data later in the day, while sentiment remained supported by Moody's decision not to downgrade Spain's credit rating.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.04% rise, S&P 500 futures signaled a 0.19% increase, while the Nasdaq 100 futures indicated a 0.10% loss.

Risk sentiment was boosted after Moody’s confirmed Spain’s credit rating at Baaa3 with a negative outlook, just one notch above junk status and expressed confidence that reforms enacted by the Spanish government and support from the euro zone would ensure that Madrid had continued access to the credit market.

The yield on Spanish 10-year bonds fell to 5.53% following the announcement, the lowest level since April.

Market sentiment has been supported over recent weeks amid hopes that Spain will soon request a bailout from its euro zone partners, but uncertainty over the timing of a request and what form a bailout would take has persisted.

Financial stocks were expected to be active as Bank of America was set to release quarterly results later in the day, following a string of mixed results out of the banking sector. Citigroup and Goldman Sachs posted strong results that pointed to improved trends in the group, while JPMorgan and Wells Fargo disappointed.

Shares in Bank of America were up 2.85% in pre-market trade.

Elsewhere, ASML was likely to be in focus, amid reports it agreed to buy Cymer, its key supplier of a light-based technology crucial to making a new generation of much smaller chips, for USD2.5 billion.

In the tech sector, Intel shares plunged 3.09% and IBM dove 3.92% on signs the global economic slowdown is prompting companies to curtail technology spending and pushing consumers to favor mobile devices like Apple's iPhone over personal computers.

On Tuesday, Intel forecast fourth-quarter gross margins that missed analysts' estimates, while IBM reported third-quarter revenue that fell short of projections.

Other stocks in focus included American Express, PepsiCo and US Bancorp, all due to report earnings later in the day.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.57%, France’s CAC 40 added 0.27%, Germany's DAX edged up 0.15%, while Britain's FTSE 100 rose 0.49%.

During the Asian trading session, Hong Kong's Hang Seng Index jumped 0.99%, while Japan’s Nikkei 225 Index surged 1.21%.

Later in the day, the U.S. was to publish government data on building permits and housing starts.