* Dow closes 25 points shy of 20,000 mark on Tuesday
* Nike higher as quarterly results beat estimates
* FedEx down after results fall below expectations
* Futures: Dow up 15 pts, S&P down 0.75 pts, Nasdaq down
(Adds details, comment, updates prices)
By Tanya Agrawal
Dec 21 U.S. stocks looked set to open little
changed on Wednesday, with the Dow Jones Industrial Average
still flirting with the elusive 20,000 mark, a day after both it
and the Nasdaq Composite hit record highs.
The Dow, first calculated in 1896, closed on Tuesday at a
record high for the 17th time since the Nov. 8 U.S. presidential
election and just 25 points shy of 20,000, a level it has never
The blue-chip index has been threatening to breach the
historic mark for the last several days, but has failed to do
U.S. stocks have been roaring ahead since the election, with
the Dow up 9 percent and the S&P 500 6 percent on bets that
President-elect Donald Trump's plans for deregulation and
infrastructure spending will boost the economy.
"We're looking at a relatively quiet morning as investors
wind down ahead of the holiday weekend," said Andre Bakhos,
managing director at Janlyn Capital in Bernardsville, New
"The market has been rallying since the election and these
minor pauses are welcome and necessary as traders take some
Still, there are concerns that the recent rally has made
stocks too expensive. The S&P 500 is trading at about 17 times
expected 12-month earnings, well above the 10-year average of
14, according to Thomson Reuters Datastream.
Volumes have been muted in the last full week of trading
before the year-end holiday season, subjecting the market to
pronounced movements amid a lack of any major economic data.
Dow e-minis were up 15 points, or 0.08 percent, with
13,095 contracts changing hands at 8:11 a.m. ET (1311 GMT).
S&P 500 e-minis were down 0.75 points, or 0.03
percent, with 54,982 contracts traded.
Nasdaq 100 e-minis were down 0.75 points, or 0.02
percent, on volume of 8,765 contracts.
Oil edged up, driven by expectations for a decline in U.S.
crude inventories and bringing price gains for December to 10
Scheduled economic data includes existing home sales for
November, which likely dropped 1 percent to an annual rate of
5.5 million. The data is expected at 10 a.m. ET.
Nike shares rose 2.9 percent to $53.30 in premarket
trading, a day after the world's largest footwear maker reported
better-than-expected quarterly revenue and profit.
FedEx fell 2.4 percent to $193.88 after the package
delivery company's quarterly results missed expectations.
Accenture fell 2.5 percent to $121, after the
consulting and outsourcing software services provider's revenue
forecast missed estimates.
Chipmaker InvenSense jumped 16.9 percent to $12.68
after people familiar with the matter told Reuters that Japanese
electronic parts maker TDK Corp is in talks to buy the
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil