MARKET SNAPSHOT: U.S. Stocks: Futures Searching For Direction Ahead Of FOMC Minutes

By Sara Sjolin, MarketWatch

Greece also lifts sentiment

LONDON (MarketWatch) -- Wall Street was poised for a turbulent session on Wednesday, with futures looking flat ahead of a raft of economic reports and the release of minutes from the Federal Reserve's January meeting.

U.S. investors have one eye keenly focused on Greece as it attempts to reach a debt deal with its international creditors helped lift sentiment earlier in the day.

Paring back from earlier gains, futures for the Dow Jones Industrial Average (DJH5) slipped 4 points to 17,997, while those for the S&P 500 index (SPH5) fell 1.70 points to 2,094.20. Futures for the Nasdaq-100 index (NDH5) put on 1 point to 4,382.75.

The muted action follows a slightly positive session on Tuesday, when sentiment got some boost from reports that Greece may ask for a six-month loan extension. The request is expected on Wednesday, and the conditions of such an agreement are reportedly under negotiation. Germany has already said it won't accept a mere loan agreement without a formal extension of Greece's current bailout program, including the strict austerity conditions attached. The Global X FTSE Greece 20 ETF (GREK) dropped 2% ahead of the bell.

See: Why the ECB's unlikely to cut off emergency funds to Greek banks

Data: Kicking off an action-packed data day, the producer-price index and housing-starts data come out at 8:30 a.m. Eastern Time.

Economists polled by MarketWatch expect producer prices to have dropped 0.5% in January month-on-month, down from a 0.3% fall in December. For housing starts, estimates are for 1.07 million in January, up slightly from 1.06 million the prior month.

At 9:15 a.m. Eastern Time, industrial production is forecast to show a 0.4% improvement in January, after a 0.1% drop in December. Capacity utilization comes out at the same time, expected to have risen to 79.9% in January, from 79.7% the previous month, according to MarketWatch estimates.

FOMC minutes: The minutes from the Federal Open Market Committee's meeting on Jan. 27-28 are due at 2 p.m. Eastern, in the middle of the U.S. trading day. At the meeting, Federal Reserve policy makers told investors they would be "patient" about hiking short-term interest rates, and market participants will scrutinize the minutes to see whether any of the top Fed officials actually wanted to drop that phraseology.

Earnings: Reporting before the opening bell, hotel chain Hilton Worldwide Holdings Inc. (HLT) said fourth-quarter adjusted earnings rose to 17 cents, slightly missing analyst estimates. The company, however, said it was optimistic about 2015. Shares seesawed premarket and were down 0.7% at the latest.

Actavis PLC gained 2.5% ahead of the open after the pharmaceutical firm raised its profit guidance for 2015.

Also reporting ahead of the bell, satellite TV-provider Dish Network Corp.(DISH) is expected to post quarterly earnings of 43 cents a share, according to a FactSet survey of analysts.

Airline Virgin America Inc.(VA) is seen reporting quarterly per-share profit of 79 cents.

As for companies reporting after the markets close, solar-power company SolarCity Corp.(SCTY) is expected to post a quarterly loss of $1.27 a share.

Marathon Oil Corp.(MRO) is seen delivering quarterly earnings of 4 cents a share.

Hotel operator Marriott International Inc.(MAR) is forecast to report quarterly profit of 65 cents a share.

Movers and shakers: Rackspace Hosting Inc.(RAX) fell 3.5% in premarket action after the cloud-computing company late Tuesday posted a sharp increase in profit, but predicted first-quarter revenue will be below Wall Street estimates.

Other markets: European stock markets moved firmly higher, boosted by optimism that the Greek debt drama could soon come to an end. Asian markets also got a lift from Greece and closed with gains.

Crude-oil prices (CLH5) fell almost 2%, while metals prices were mostly lower as well. The dollar (DXY) rose against most other major currencies.

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