US pre-open: Stocks seen mixed ahead of home sales, trade balance data

US futures pointed to mixed session on Wall Street on Wednesday as investors looked ahead to home sales and trade balance data.

At 1225 BST, Dow Jones Industrial Average and S&P 500 futures were up 0.1%, but Nasdaq futures were down 0.4%. On Tuesday, stocks ended in the red amid concerns about President Donald Trump's economic agenda following a delay to a vote on healthcare legislation. On the Nasdaq, technology stocks weighed as the sector came under pressure again.

Meanwhile, oil prices fell after the latest report from the American Petroleum Institute showed US crude inventories rose by 851,000 barrels last week versus expectations for a 3.3 barrel drop. West Texas Intermediate was down 0.9% to $43.86 a barrel and Brent crude was off 0.7% to $46.34. The latest crude oil stocks change from the Energy Information Administration is due at 1530 BST.

In currency markets, the dollar was down 0.1% versus the pound at 0.7798 and 0.3% lower against the euro at 0.8794 as the single currency was lifted by comments from European Central Bank chief Mario Draghi on Tuesday suggesting that the Bank would slow down or even withdraw economic stimulus.

Oanda analyst Craig Erlam said: "The euro jumped higher yesterday and is building on those gains today after Mario Draghi acknowledged the strengthening and broadening recovery in the region, a sign that he’s possibly ready to reluctantly back further reductions in stimulus.

"It’s clear that Draghi favours maintaining a very accommodative stance but the consensus within the committee is clearly shifting. With the euro now above 1.13 against the dollar, there is scope for further upside in the coming weeks, with 1.15-1.16 possibly on the cards. The next test though should come around 1.14."

In corporate news, General Mills was higher in pre-market trade after it reported a 7.7% jump in quarterly profit.

Monsanto was also among the companies due to report earnings before the open.

On the macroeconomic front, the goods trade balance is at 1330 BST, while pending home sales are at 1500 BST.