* Industrial production, Empire State data on tap
* Japan intervenes in foreign exchange market
* Futures off: S&P 2.3 pts, Dow 30 pts, Nasdaq 0.5 pt
* For up-to-the-minute market news see []
(Writes through, adds details, quote, byline)
By Leah Schnurr
NEW YORK, Sept 15 (Reuters) - U.S. stock index futures were
modestly lower on Wednesday as investors looked set to
consolidate recent gains and awaited a new round of economic
data, including a look at the manufacturing sector.
The U.S. dollar rose against the yen after Japan intervened
in foreign exchange markets for the first time in six years to
curb the surging yen and protect its fragile economic recovery.
Equities and the greenback have often traded in an inverse
relationship, and a stronger currency could pressure stocks.
For details, see []
In a potentially bullish signal, the S&P 500 index stayed
above its 200-day moving average of around 1,115 after closing
beyond that level on Monday for the first time since early
August.
Analysts look for a more decisive breakout to confirm the
upward momentum and have their eye on 1,130 as the next
resistance point.
"I do believe we're going to break out to the upside," said
Jamie Cox, managing partner of Harris Financial Group in
Colonial Heights, Virginia.
"There are plenty of reasons to discount the double-dip
recession, and so long as we can put that further and further
in the background, equities markets will move higher."
Even so, some profit-taking was likely to dog markets after
gains of more than 6 percent for September.
S&P 500 futures <SPc2> dipped 2.3 points and were below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc2> were off
30 points, and Nasdaq 100 futures <NDc2> slipped 0.5 point.
Stocks ended flat Tuesday.
Data on tap includes industrial production for August, due
at 9:15 a.m. EDT (1315 GMT), which is forecast rising 0.3
percent. Capacity utilization was expected to rise to 75. Also,
a gauge of manufacturing in New York State for September is due
at 8:30 a.m. EDT (1230 GMT) and expected to rise to 8. At the
same time, import prices will be released and were forecast to
rise 0.3 percent in August. []
Harris Financial's Cox said a decent number from the Empire
State survey could help futures recover their losses.
Transocean Ltd <RIG.N> shares rose 1.5 percent to $59.23 in
premarket trade. Another Transocean rig is leaving the
deepwater Gulf of Mexico, still under contract with Statoil
<STL.OL> -- the fourth rig departure resulting from a
moratorium on U.S. deepwater drilling. []
Speaking at a healthcare conference, Sanofi-Aventis
SA<SASY.PA> Chief Executive Chris Viehbacher said the company
was not in a hurry to buy Genzyme Corp <GENZ.O>, and still does
not see a rival bid emerging. []
(Editing by Jeffrey Benkoe)
