US stock-index futures almost unchanged awaiting consumer confidence data

U.S. stock-index futures were little changed as investors focused on earnings reports by companies, consumer confidence data and awaited the Federal Reserve’s two-day policy meeting.

Futures on the S&P 500 expiring in September gained less than 0.1% to 1,683.7 at 10:46 a.m. in London. The benchmark index lost 0.4% yesterday as fewer Americans signed contracts in June to buy previously-owned homes. Future contracts on the Dow Jones Industrial Average advanced 13 points, less than 0.1%, to 15,496 today.

“The expectations for U.S. earnings had come down already and for the most part, companies are hitting them OK,” Veronika Pechlaner, who helps oversee about $2.3 billion as investment manager at Jersey, Channel Islands-based Ashburton Ltd., said in a phone interview for Bloomberg. “A pickup in second-half earnings will be crucial to move further from here on. Markets will be sensitive to economic announcements again this week and particularly to what the Fed has to say.” she added.

Investors are following information issued by the Fed on when the central bank will begin reducing its monthly bond buying. Fed Chairman Ben S. Bernanke will maintain quantitative easing at this month’s meeting, economists forecast in a Bloomberg survey.

Investors are also watching earnings reports. Of the 277 companies in the S&P 500 that have posted quarterly results so far, 73% have exceeded analysts’ estimates for profit and 56% have topped sales projections, data compiled by Bloomberg show.

Later today a report about consumer confidence would be issued by TNS for Conference Board. It may show that US families gained confidence amid positive economic data.

In corporate news, Express Scripts lost 1% to $66.25 even after saying it expects 2013 earnings of $4.26 to $4.34 per share, from $4.23 to $4.33 projected in April. Second-quarter earnings excluding one-time items were $1.12 a share, compared with the $1.10 average of analysts’ estimates. The largest U.S. processor of prescription-drug claimed in November that analysts’ estimates of profit growth were too ambitious. In February, it provided a full-year profit forecast that exceeded analysts’ lowered projections.

Eastman Chemical rose 4% to $78.05 in extended trading after the biggest U.S. producer of chemicals from coal said it expects full-year earnings of $6.40 to $6.50 a share, compared with its previous forecast of $6.30 to $6.40. Analysts on average projected $6.34 a share.