US pre-open: Futures edge higher as investors await Fed speakers

US stock futures edged higher on Wednesday, as a number of Federal Reserve officials were due to speak and could provide fresh clues over the timing of the first rate hike.

The Dow Jones Industrial Average is expected open approximately up 14 points, while the S&P 500 and the Nasdaq are set to begin the session one and six points higher respectively.

Fed speakers in focus

Investors will hear from a number of Fed speakers on Wednesday, who could offer important indications over the US central bank’s stance ahead of its 15-16 December meeting.

Fed chairwoman Janet Yellen is due to speak twice in Washington, at 1330 GMT and 1725 GMT respectively, and will testify in front of a Congressional panel on Thursday.

Atlanta Fed President Dennis Lockhart will speak in Florida at 1310 GMT, while Fed governor Daniel Tarullo will speak at an event in Virginia at 1400 GMT.

“The next couple of weeks are going to be massive for the Fed and it’s so important that the market is prepared for whatever it decides to do,” said Oanda’s senior market analyst Craig Erlam.

“While I doubt Yellen will comment on the actions of the European Central Bank on Thursday, it would be interesting to see how, if at all, this influences the Fed’s own decision making.”

The economic calendar sees the release of a reading on the US private sector employment at 1315 GMT, followed by a report on productivity and costs at 1330 GMT.

In company news, Yahoo jumped 5.28% ahead of the bell after reports the internet giant may sell its core internet business, while Twitter gained 0.24% in pre-market trading after cofounder Evan Williams said he sold shares via his foundation.

The earnings season continues, with American Eagle Outfitters and Brown-Forman scheduled to report ahead of the bell, while Aeropostale and Box will report after the close.

Elsewherwe, Asian equity markets were mixed on Wednesday, as Chinese stocks gained but failed to generate any momentum across the region, while European stocks gained ground.

The dollar was on the front foot against the main currencies, gaining 0.28% and 027% against the euro and the pound respectively and rising 0.16% against the yen, while gold spot slumped 1.54% to 1,067.75.

Oil prices declined, with West Texas Intermediate losing 1.18% to $41.36 a barrel, while Brent lost 1.21% to $43.91 a barrel.