* U.S. lawmakers begin last-ditch effort on debt ceiling
* Bank of America posts profit as loan-loss provisions drop
* Futures up: Dow 65 pts, S&P 7.7 pts, Nasdaq 9 pts
NEW YORK, Oct 16 (Reuters) - U.S. stock index futures rose on Wednesday amid cautious optimism that U.S. politicians would strike a last-minute deal to prevent the country from defaulting on its debt, an event that could roil markets and economies worldwide.
* In another day of heavy earnings, Bank of America Corp reported a third-quarter profit of $2.22 billion, compared with a loss a year earlier, as provisions for credit losses fell. The stock rose 1 percent in premarket trading.
* BlackRock Inc, the world's largest money manager, said its third-quarter profit grew 15 percent, amid strong global demand from its retail and institutional clients. The stock was little changed in premarket trading.
* Apple Inc shares may be in the spotlight following reports that the tech giant told manufacturers it will cut orders for its new iPhone 5C smartphone for the fourth quarter, according to a source familiar with the supply chain situation.
* S&P 500 futures rose 7.7 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 rose 65 points and Nasdaq 100 futures added 9 points.
* The U.S. Senate prepared for a last ditch effort Wednesday to avoid a historic lapse in the government's borrowing authority, a breach that President Barack Obama has said could lead to default and deliver a damaging blow to the global economy.
* After a day of stop-and-go negotiations, the top Democrat and Republican in the U.S. Senate were said to be close to agreeing on a proposal to raise the debt limit - and reopen the partially shuttered government - for consideration by the full Senate on Wednesday.
* Markets were rattled by warnings by Fitch Ratings late Tuesday that it could cut the sovereign credit rating of the U.S. from AAA, citing the political brinkmanship over raising the federal debt ceiling.
* Shares of Yahoo could be in the spotlight a day after the company reported third-quarter earnings that were slightly above forecasts by analyst. Yahoo shares were up 1.8 percent in premarket trading.