By Riva Gold 

Stocks and the dollar were listless in quiet trade Wednesday, as investors largely shrugged off a fresh fall in the oil price and signs of escalating geopolitical tensions.

Futures pointed to a 0.1% opening rise for the S&P 500, following modest gains in Europe. The WSJ Dollar Index, which measures the greenback against a basket of 16 currencies, was flat.

With few major catalysts on the economic calendar, the bulk of market attention is focused on Friday's Jackson Hole conference, where U.S. Federal Reserve Chairwoman Janet Yellen is slated to speak. Any clues on the timing of the next interest rate rise could steer the dollar and offer fresh direction for markets, analysts say.

Market volatility has ground to a halt in recent weeks, with many traders away from their desks for summer holidays. For 32 consecutive sessions, the S&P 500 index hasn't moved more than 1% in either direction, a contrast from last August's China-triggered volatility.

Upside surprises in economic data have largely dissipated in recent sessions, but investors continue to bet on easy monetary policy, on a narrow path.

The yield on the 10-year Treasury note was last at 1.554%, compared with 1.553% on Tuesday. Treasurys are stuck in the tightest trading range in a decade, according to London Capital Group.

Wednesday's quiet session came despite headlines pointing to escalating geopolitical tensions. North Korea showed signs of progress in its program to develop nuclear-tipped missiles, and Turkish and American military forces launched a major offensive in northwestern Syria as part of a campaign to push Islamic State off the border. Turkey's ISE National 100 stock-market benchmark shed 1.8%, but markets elsewhere showed little reaction.

European stocks swung between small gains and losses in morning trade, and were last up 0.4%, as advances in banks and media companies offset declines in the basic resources sector.

Shares of Glencore PLC were down 5.6%, leading declines in the sector, after the commodities and mining group released disappointing first-half results. Glencore shares are still up more than 70% this year.

Oil and metals prices also both declined, weighing on mining companies. Brent crude oil was last down 1% at $49.46 a barrel, reversing Tuesday's gains as reports of additional U.S. crude stocks overshadowed hopes Iran could agree to a production freeze accord.

Gold fell 0.4% to $1,341 an ounce, while copper prices dropped 0.5% to $4,683 a ton.

Earlier Wednesday, shares in Asia were mixed. Stocks in Hong Kong shed 0.8%, weighed by property companies, while Japanese stocks rose 0.6% as the dollar gained slightly against the yen, supporting shares of exporters.

The dollar was last down 0.1% against the yen at Yen100.2090, while the euro was down 0.2% against the dollar at $1.1279.

The South African rand was down 1.4% against the dollar following media reports the country's finance minister was summoned to appear before a special police investigative unit. The rand is now in negative territory for the month.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

August 24, 2016 07:37 ET (11:37 GMT)