* Upswing seen as intact, but volume has been light
* Few catalysts seen driving trading
* Futures up: Dow 15 pts, S&P 1 pt, Nasdaq 1.75 pt
By Ryan Vlastelica
NEW YORK, Aug 27 (Reuters) - U.S. stock index futures were slightly higher on Wednesday, suggesting the market’s recent upswing that has taken indexes to repeated records, was set to continue with little on the horizon to derail the rally.
* On Tuesday, the S&P 500 closed above 2,000 for the first time while the Dow ended near a record. Both the Dow and the S&P have risen in 10 of the past 13 sessions, and the S&P has closed at a record 30 times this year, according to S&P Dow Jones Indices.
* The S&P’s price-to-earnings ratio is within historical norms, suggesting stocks are not overvalued, even at record levels. Nonetheless, further pronounced gains may be a challenge, given the few positive catalysts as well as potential headwinds like a reduction in U.S. Federal Reserve stimulus and the conflict between Ukraine and Russia.
* Markets haven’t undergone a correction since 2012, giving analysts another reason to expect a pullback. Much of the recent gains have come on low volume, suggesting investors are reluctant to jump in at current levels.
* S&P 500 e-mini futures rose 1 point and were above 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 e-mini futures rose 15 points and Nasdaq 100 e-mini futures added 1.75 points.
* Chipmaker Qualcomm Inc may face a European investigation related to a four-year-old complaint from a subsidiary of rival Nvidia Corp, sources told Reuters.
* Allergan Inc said late Tuesday it scheduled a special shareholders meeting for Dec. 18. Activist investor Bill Ackman, who supports a hostile bid for the company by Valeant Pharmaceuticals Inc, will attempt to oust most of the Allergan board.
* Digital Ally Inc dipped 0.9 percent to $14.15 in premarket trading after a massive rally that has lifted shares more than 270 percent in August alone. The wearable camera maker has reported heightened demand since Aug. 9, when a white police officer shot and killed an unarmed black teen in Ferguson, Missouri, triggering weeks of protests.
* Tiffany & Co rose 1.2 percent to $102 premarket after the luxury retailer reported second-quarter revenue that topped expectations.
* The situation between Russia and Ukraine has faded as a market driver. In comments that could escalate the standoff, Ukrainian Prime Minister Arseny Yatseniuk said Kiev knew of plans by Russia to halt gas flows this winter to Europe. (Editing by Jeffrey Benkoe)