S&P 500 e-minis were up 2 points, or 0.09 percent, with 125,577 contracts traded.
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The price of gold fell more than one per cent to $1,325.20 today, as investors nervously awaited an appearance by US Federal Reserve chair Janet Yellen later this week.
In Europe, the Stoxx 600 Index ended the day with a 0.4% increase from the previous close. Any increase would be 25 basis points, which would take the lending level to between 0.5 and 0.75 per cent.
“The market over the past few weeks has been in a holding pattern, really not doing much of anything and the reason for that is everyone is waiting to hear what Ms Yellen is going to say”, First Standard Financial chief market economist Peter Cardillo told Reuters.
“We think Fed Chair Yellen’s speech on Friday has the capacity to be a game changer for the dollar, and we remain positioned for dollar gains”, wrote BNP Paribas strategists in a note to clients.
Bullion decreased to a two-week low of $1,328.10 an ounce during the United States trading session, snapping an attempt for a rebound seen earlier as the greenback regained some strength.
The dollar inched 0.2 percent higher to 100.45 yen nudging below 100 yen overnight to 99.925. Data released on Tuesday showed orders for British manufacturing exports hit a two-year peak in August.
“(Yellen) is expected to deliver a balanced and cautious speech, yet investors will be reading between the lines to figure out how aligned she is with the most hawkish Fed members calling for a rate hike before the end of 2016”, said Ipek Ozkardeskaya, senior market analyst at London Capital Group. On the Nasdaq, 1,900 issues rose and 846 fell. “We are alert to and have a high degree of proven flexibility in adapting to changing market conditions”. Oil fell on an unexpected increase in USA crude stockpiles that revived worries about the supply glut that has capped prices for the past two years.
Dollar strength helped push gold lower on Wednesday. The consumer discretionary sector finished down 0.4%.
With speculation growing that U.S. interest rates could rise by the end of the year, Yellen’s comments at a global central bankers meeting in Jackson Hole Friday will be scoured for forward guidance on United States central bank policy. In Paris, the Cac added 0.72%.
Meanwhile oil prices continued to put markets on edge , with crude futures trading lower on Wednesday after an unexpected build in us crude inventories added a negative element to trade.
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The stock market is also being dragged down by a drop in the price of US -produced crude, which is down 1.6% at $47.31 a barrel.
