By Chuck Mikolajczak
NEW YORK (Reuters) - Stock futures rose on Wednesday, indicating the S&P 500 may build on its biggest gain in nearly two weeks on Tuesday, on the back of stronger-than-expected economic data.
* The S&P 500 <.spx> rose nearly 1 percent Tuesday, its most since June 13, as data on durable goods orders, sales of new homes and consumer confidence all topped analysts' expectations and the People's Bank of China eased concerns about a possible banking crisis in the world's second-largest economy.</.spx>
* Still, the benchmark S&P index remains down 3.9 percent since the Fed signaled last week that it may begin to rein in its stimulus efforts should its economic forecasts hold.
* The final estimate of first quarter gross domestic product is due at 8:30 a.m. Economists in a Reuters survey forecast a 2.4 percent annualized pace of growth, the same as the preliminary estimate for the quarter.
* Gold stocks were under pressure as the precious metal fell to its lowest in almost three years, putting it on course for a record quarterly loss, as sturdy U.S. economic data supported fears the Federal Reserve will soon end ultra-loose monetary policy. U.S.-listed shares of Gold Fields Ltd dropped 6.3 percent to $4.76 and Barrick Gold Corp lost 4.6 percent to $15.37 in premarket trading.
* S&P 500 futures rose 6.2 points 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 futures gained 50 points, and Nasdaq 100 futures added 14.5 points.
* General Mills slipped 0.7 percent to $48 in light premarket trading after the food manufacturer reported fourth-quarter earnings and provided its outlook for 2014.
* Other S&P 500 companies expected to report earnings on Wednesday include Bed, Bath & Beyond Inc , Monsanto Co and Paychex Inc .
* European shares were on track for their biggest two-day gain since April, after a month-long downward trend, thanks to robust U.S. data. <.eu></.eu>
* Asian shares turned around a four-day losing streak and rose on Wednesday after China's central bank assured it will offer funds to banks if needed, but lingering fears of a credit crunch and slower loan growth continued to drive selling of Shanghai shares.
(Editing by Bernadette Baum)