US pre-open: Futures edge higher ahead of Yellen's speech and Facebook earnings

US stock futures edged slightly higher on Wednesday, as investors waited to see whether a speech from Federal Reserve chairwoman Janet Yellen would shed light over the timing of an interest rate hike.

The Dow Jones Industrial Average is expected to open up approximately 26 points, while the S&P 500 and the Nasdaq are set to begin the session respectively two and nine points higher.

Economic data in focus

The economic calendar is packed with important releases on Wednesday, starting with a report on jobs added in the private sector for October, scheduled for release at 1315 GMT.

“ADP numbers today mark the start of the countdown to non-farm payrolls on Friday, and with expectations at their lowest level since March 2014 it will be interesting to see how the figures are received,” said IG’s market analyst Alastair McCaig.

Trade deficit figures for September are on tap at 1330 GMT, followed by the Institute for Supply Management non-manufacturing survey for October at 1500 GMT.

Investors will also hear from a number of Fed speakers, with Janet Yellen speaking to the House of Financial Services panel at 1500 GMT, while New York Fed president William Dudley will give a press briefing on research on income inequality at 1930 GMT.

Finally, Fed vice chairman Stanley Fischer will speak to the National Economists Club at 2300 GMT.

Facebook to report after close

In company news, electric car maker Tesla surged 8.11% in pre-market trading after it reiterated its sales guidance for the remainder of the year, despite posting a wider quarterly loss late on Tuesday.

Handmade and vintage good marketplace Etsy climbed 3.18% ahead of the bell despite posting a bigger net loss and issuing a warning over fourth quarter profit, while online deals firm Groupon slumped 25.6% after issuing a weak outlook and naming a new chief executive.

Lumber Liquidators, Time Warner, Avon Products and Wendy’s will report ahead of the bell, while earnings from Facebook, Qualcomm and Whole Foods Market are due after the close.

Elsewhere, Asian equity markets rose on Wednesday, as Chinese stocks jumped on speculation Beijing will open a trading link between Shenzhen and Hong Kong by the end of the year. European markets rallied after European Central Bank president Mario Draghi hinted the central bank was ready to implement more stimulus measures in December.

Oil prices edged higher, with West Texas Intermediate rising 0.15% to $47.97 a barrel and Brent crude gaining 0.18% to $50.63 a barrel.

The dollar rose 0.12% and 0.26% against the yen and the euro respectively and was flat against the pound, while gold futures slid 0.17% to $1,115.92.