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Wall Street eyes durable goods, jobs data

Wall Street looked set to open flat to slightly lower on Wednesday as futures digested higher jobless claims and other weak economic data.

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Market sentiment has been boosted by the upgrade to third-quarter GDP growth published on Tuesday. The figure was revised up to an annualized 3.9 percent from 3.5 percent and offset a separate report showing an unexpected drop in consumer confidence in November.

Durable goods orders fell for the second straight month in October as expected from a further decline in aircraft orders at Boeing. Initial jobless claims rose back above 300,000 last week.

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Scott Mlyn | CNBC

The only earnings report of note is Deere, which forecast a drop in equipment sales in the current quarter as lower grain prices discourage farmers from buying tractors, harvesters and other agricultural machinery. Markets will be closed on Thursday for Thanksgiving.

There will be two housing indicators out on Wednesday. The weekly MBA Mortgage Index showed a drop in application numbers. Later in the morning home sales for October will be reported.

In addition, there will be the Chicago purchasing managers' index (PMI) and the final Michigan sentiment survey.

Commodities remained in focus for investors on Wednesday, with Brent crude oil near $78 a barrel and the official Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on Thursday.

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In U.S. news, hundreds more National Guard troops were sent to the Ferguson suburb in St. Louis on Tuesday following rioting and looting in the area. The violence follows the decision by a grand jury on Monday to not prosecute a white policeman who shot and killed an unarmed black teenager.