Investing.com – Wall Street was set to open higher on Wednesday as investors wait for Federal Reserve Chair Janet Yellen’s last congressional testimony.
The S&P 500 futures inched forward three and a half points or 0.13% as of 6:42 AM ET (11:42 AM GMT) while Dow futures rose 77 points or 0.32%. Meanwhile tech heavy Nasdaq 100 futures increased seven points or 0.11%.
Yellen is expected to testify on the outlook of the U.S. economy before the Congressional Joint Economic Committee. It’s her last testimony before she leaves as head of the central bank in February.
Banking stocks were up in pre-market trading. Lloyds Banking Group (LON:LLOY) PLC ADR (NYSE:LYG) surged 2.56% while Banco Santander (MC:SAN) SA ADR (NYSE:SAN) increased 0.75%. Telecommunications firm Nokia (HE:NOKIA) rose 0.99% and pharmaceutical firm Teva Pharma Industries Ltd ADR (NYSE:TEVA) jumped 1.43%.
Elsewhere financial services firm ING Group NV ADR (NYSE:ING) fell 0.44% and Chinese education firm RYB Education Inc (NYSE:RYB) slipped 8.85% amid child abuse allegations at a Beijing school.
U.S. gross domestic product data is set for release at 8:30 AM ET (1:30 PM GMT), which investors will be watching to see if the American economy has strengthened. A stronger economy could give the Fed reason to increase interest rates into 2018.
Meanwhile investors are awaiting a vote on the tax reform bill, which could happen this week. On Tuesday, the Senate Budget Committee approved the Senate's tax plan, bringing it closer to a floor vote. Doubts remain however on whether Congress can pass the bill before the end of the year.
Stocks in Europe were mixed. Germany’s DAX surged 123 points or 0.96% while in France the CAC 40 increased 38 points or 0.71% and in London, the FTSE 100 slipped 42 points or 0.57%. Meanwhile the pan-European Euro Stoxx 50 inched forward 27 points or 0.76% while Spain’s IBEX 35 was up 132 points or 1.31%.
In commodities, gold futures inched down 0.04% to $1,294.41 a troy ounce while crude oil futures slipped 0.45% to $57.73 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 93.20.