US STOCKS-Futures up ahead of Yellen’s testimony

* Futures up: Dow 34 pts, S&P 4.25 pts, Nasdaq 15.75 pts

By Sweta Singh

July 12 (Reuters) – U.S. stock index futures were higher on
Wednesday ahead of Federal Reserve Chair Janet Yellen’s
testimony to Congress.

* Yellen will present her semi-annual monetary policy
testimony before the House Financial Services Committee at 1000
ET.

* Fed Chair is expected to say that the Fed remains on a
hawkish course of steadily rising rates. Any signals on how the
bank is viewing a retreat in inflation and muted wage growth
will be closely watched.

* The U.S. central bank issues its Beige Book at 2pm ET
(1800 GMT), a compendium of anecdotes on the health of the
economy, that will likely provide further evidence about the
strength on the economy giving the Fed impetus to raise.

* The Fed’s next policy meeting is on July 25-26.

* U.S. stocks closed flat on Tuesday after clawing back from
a fall as emails suggested Trump Jr. welcomed Russian help
against Clinton in the 2016 presidential campaign.

* The dollar on Wednesday failed to recover from the damage
suffered from Trump’s alleged links with Russia and held close
to its lowest in more than a year against the euro.

* Investors are also keeping an eye on second-quarter
earnings reports on Friday from big U.S. banks including
JPMorgan Chase, Wells Fargo and Citigroup.

Futures snapshot at 6:57 a.m. ET (1057 GMT):

* Dow e-minis were up 34 points, or 0.16 percent,
with 14,193 contracts changing hands.

* S&P 500 e-minis were up 4.25 points, or 0.18
percent, with 83,248 contracts traded.

* Nasdaq 100 e-minis were up 15.75 points, or 0.28
percent, on volume of 17,093 contracts.
(Reporting by Sweta Singh in Bengaluru; Editing by Arun Koyyur)


Leave a Reply