US futures flat after decline

New York - US stock index futures were flat on Wednesday, following a sharp decline in the previous session, as investors looked ahead to a read on GDP expected to show the economy shrank in the first quarter.

The US bourse is set to open higher as European leaders get ready to meet. Credit: REUTERS

Durable goods orders, also due at 8:30 am, are seen as flat in May, while a June read on service sector business activity from financial data firm Markit is seen as essentially unchanged from May.

The Dow posted its biggest daily decline in over a month.

Dow Jones industrial average e-mini futures rose 9 points and Nasdaq 100 e-mini futures rose 0.5 point.

In a mounting Sunni insurgency, militants in Iraq attacked one of the country's largest air bases.

Separately, the first US teams arrived to assess Iraqi security forces and decide how to help counter the violence.

US crude futures rose 0.6 percent to $106.64 per barrel in early trading.

Many analysts have speculated that prices above $115 per barrel for an extended period will weigh on economic activity.

Still, at 12.13 the VIX remains at very low levels from an historical basis.