US pre-open: Stocks seen touch higher ahead of Yellen speech, healthcare vote

US futures pointed to a marginally firmer open on Wall Street as investors eyed a speech by Federal Reserve Chair Janet Yellen and a key vote on a healthcare bill.

At 1125 GMT, Dow Jones Industrial Average and Nasdaq futures were up 0.1%, while S&P 500 futures were up 0.2%.

Meanwhile, oil prices advanced, with West Texas Intermediate and Brent crude up 0.7% to $48.36 a barrel and $50.98, respectively.

Later in the session, investors will be watching out for a House vote on the Trump-backed GOP plan to replace the Affordable Care Act.

Spreadex’s Connor Campbell said: “Turning to the US open and with the House of Representatives vote on ‘Trumpcare’ still to come the Dow Jones looks set for a rather quiet open, the futures pointing to a 15 point rise after the bell.

“Whether or not the Dow, which is stuck in the 20650s, can move any higher will be dependent on the result of that vote, as it provides investors with the first real opportunity to see if Donald Trump can make good on his election promises without resorting to executive orders.”

Yellen is due to speak in Washington at 1245 GMT in Washington, while a speech is also due from Minneapolis Fed President Neel Kashkari later in the day.

On the data front, initial jobless claims are at 1230 GMT, while new home sales are at 1400 GMT.

In corporate news, shares in retailer Five Below rose sharply in pre-market trade after better-than-expected earnings and as it said it would open 100 new stores this year.

PPG Industries was likely to be in focus after Elliot Management Corp said on Wednesday that it might use corporate rules to call a special shareholders meeting to get AkzoNobel – in which it holds a 3% stake – to talk to the US chemicals maker.

Microsoft shares could be active following news that it has agreed to license a number of patents to Toyota Motor Corp.