Street Optimistic Ahead Of Yellen’ Testimony

All eyes are on Fed Chair Janet Yellen’s semi-annual monetary policy testimony before the House Financial Services Committee. The market is anxiously waiting whether there will be any hints of a start of a tapering. Asian shares closed mixed while European shares are trading higher.

As of 6:30 am ET, the Dow futures were adding 25 points, the S&P 500 futures were climbing 3.00 points and the Nasdaq 100 futures were progressing 10.75 points.

U.S. stocks closed mixed on Tuesday. The S&P 500 edged down 1.90 points or 0.1 percent to 2,425.53, the Dow inched up 0.55 points or less than a tenth of a percent to 21,409.07 and the Nasdaq rose 16.91 points or 0.3 percent to 6,193.30.

On the economic front, Federal Reserve Chair Janet Yellen’s opening statement for her testimony to the House Financial Services Committee will be released in Washington at 8.30 am ET. Janet Yellen will give her semiannual monetary policy testimony before the House Financial Services Committee at 10.00 am.

Atlanta Fed Business Inflation expectations for July will be issued at 10.00 am ET. The business inflation expectations in the previous week was 2.0 percent.

The Mortgage Bankers’ Association’s Mortgage applications for the week will be published at 7.00 am ET. In the prior week, the composite index was 1.4 percent.

The Energy Information Administration or EIA’s Petroleum status report for the week will be revealed at 10.30 am ET. The prior week crude oil inventories were down 6.3 million barrels. Gasoline inventories recorded a deficit of 3.7 million barrels.

10-year Treasury Note acution will be held at 1.00 pm ET.

Beige Book, produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee, will be released at 2.00 pm ET.

Kansas City Federal Reserve Bank President Esther George will deliver a speech on the economic outlook and the Federal Reserve’s balance sheet in Denver, with audience Q&A at 2.15 pm ET.

In the corporate sector, UK’s Competition and…

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