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

US stock futures edged higher on Thursday, as investors awaited more indications from the Federal Reserve over the timing of a first interest rates hike.

The Dow Jones Industrial Average was expected to open up by approximately 49 points, while the S&P 500 and the Nasdaq were set to begin the session six and 12 points higher, respectively.

Fed in focus

On Wednesday, Fed chairwoman Janet Yellen said an interest rate hike in December remained on the cards.

“At this point, I see the US economy as performing well […],” she said.

“Domestic spending has been growing at a solid pace and if the data continue to point to growth and firmer prices, a December rate hike would be a live possibility.”

There were more Fed speakers scheduled for Thursday, with New York Fed president William Dudley, who echoed Yellen’s stance on Wednesday, set to speak at a financial services conference at 1330 GMT, with Philly Fed president Patrick Harker set to speak at the same time.

Fed vice chairman Stanley Fischer was to take part in a panel discussion at 1410 GMT and Fed governor Daniel Tarullo and Atlanta Fed President Dennis Lockhart will deliver speeches at 1745 GMT.

“Fed Chair Janet Yellen didn’t say anything different from the FOMC statement in her congressional testimony on Wednesday,” said CMC Markets’ analyst Jasper Lawler.

“Such are the sensitivities of the markets to Fed chatter and even a gentle reminder that a rate hike in December is a ‘live possibility’ was enough to send a shiver through the spine of markets.”

On the economic data front, a reading on weekly jobless claims was scheduled for 1330 GMT, with data for third quarter productivity and labour costs out at the same time.

Investors hit 'like' on Facebook results

In company news, Facebook gained 3.4% in pre-market trading after the social media giant’s quarterly results beat expectations on Wednesday night.

Going the other way, while wireless technologies provider Qualcomm tumbled 6.26% ahead of the bell after its profit guidance for the current quarter disappointed, while Whole Foods Market dropped 5.79% after its earnings fell short of estimates.

Molson Coors Brewing, Ralph Lauren, Madison Square Garden and SeaWorld Entertainment will report before the bell, while Walt Disney, News Corp, Kraft Heinz, Shake Shack and DreamWorks Animation are among the companies on tap after the close.

Elsewhere, Chinese shares closed in bull-market territory but failed to lift stocks across the region, while European stocks edged higher after a raft of largely positive data.

The dollar slid 0.12% against the euro but climbed 0.39% and 0.44% against the yen and the pound respectively, while gold futures rose 0.06% to $1,108.60.

Oil prices edged higher, with West Texas Intermediate rising 0.13% to $46.38, while Brent crude gained 0.27% to $48.71 a barrel.