US pre-open: Stocks seen flat as investors eye Thursday's big events

US futures pointed to a muted open on Wall Street on Wednesday as investors look to the following day's big events, which include the UK general election, a European Central Bank meeting and former FBI boss James Comey's testimony before the Senate panel.

At 1110 BST, Dow Jones Industrial Average and Nasdaq futures were down 0.1%, while S&P 500 futures were flat.

Meanwhile, oil prices slipped ahead of US supply data from the Energy Information Administration at 1530 BST. West Texas Intermediate was down 0.4% to $48.00 a barrel and Brent crude was off 0.5% to $49.87.

Comey is due to testify on Thursday about Russia's involvement in the US presidential election. FXTM chief market strategist Hussein Sayed said: "Comey’s testimony is crucial tomorrow. While it's known that many questions will remain unanswered, the biggest question remains to be whether the former FBI director will accuse the President of abusing his power to derail the FBI’s investigation and whether there’s any indication of potential links between Russia and the Trump election campaign. Should the testimony reveal any unexpected surprises, the same will be reflected in the financial markets."

A European Central Bank meeting will be in focus, with policymakers expected to take a less dovish tone, while the UK general election is also taking place on Thursday. Opinions polls have narrowed significantly of late, meaning a hung parliament is not out of the question.

Neil Wilson, senior market analyst at ETX Capital, said: "A hung parliament makes a softer Brexit more likely. A Labour-led coalition would prioritise single market access in Brexit negotiations (as the manifesto promises), and deliver a fiscal (reflationary) boost that would also support sterling.

"Meanwhile a stronger Tory majority likely increases the chances of a harder Brexit - i.e. no single market access, as promised in the Conservative manifesto - which ought to weigh on longer term prospects for sterling and perhaps any rally might be short-lived as traders sell the bump. Cable is up around 5% this year and there are clear signs that the rally is reaching its end as sentiment turns noticeably less bearish."

On the corporate front, US-listed shares of Banco Santander could be active after it bought struggling Banco Popular Espanol for €1.

Jack Daniels and Brown-Forman Corp were among the companies scheduled to report earnings before the opening bell.