Tuesday February 14th

14-02-2017

US futures mixed ahead of Yellen testimony

U.S. stock index futures pointed to a mixed on Tuesday as traders eyed earnings, data and Federal Reserve Chair Janet Yellen's testimony before the Committee on Banking, Housing, and Urban Affairs, due to commence at 10 a.m. ET. Equities continued their assault on record highs Monday, with the three major indexes closing at new all-time highs. The S&P 500 also broke above $20 trillion in market cap. On the data front, the NFIB small business survey hit 105.9 last month, a slightly higher read from December, with January PPI rising 0.6 percent, above the expected 0.3 percent increase. On the earnings front Discovery Communications and T-Mobile US are among companies that reported before the bell. AIG, Express Scripts and LendingClub are among companies due to report after the bell. In Europe, the pan European Stoxx 600 Index was around 0.13 percent lower on Tuesday. Asian markets were mostly lower on Tuesday, as investors tread cautiously ahead of the Federal Reserve chair's two-day congressional testimony starting Tuesday for her comments on banking regulations and potential hints of the Fed's rate hike trajectory. The Shanghai composite closed nearly flat at 3,218.38 and Shenzhen composite was effectively unchanged at 1,964.32. Hong Kong's Hang Seng index was also flat by mid-afternoon. Japan's Nikkei 225 dropped 1.13 percent or 220.17 points at 19,238.98.Oil strengthened slightly on Tuesday, supported by an OPEC-led effort to cut output while rising production elsewhere kept prices within the narrow ranges that have contained them so far this year. Brent crude was 45 cents higher at $56.04 a barrel by 8:32 a.m. ET (1332 GMT). U.S. light crude oil was up 36 cents at $53.29. Gold edged up on Tuesday as the dollar crept lower after President Donald Trump's national security adviser Michael Flynn quit and investors awaited testimony from U.S. Federal Reserve Chair Janet Yellen. Spot gold was up 0.63 percent at $1,232.81 per ounce, while U.S. gold futures had gained 0.72 percent to $1,234.60.