US pre-open: Stocks steady as investors eye Fedspeak

US futures pointed to a steady start on Wall Street on Monday as investors eyed a series of speeches from Federal Reserve officials, with little in the way of corporate news to sink their teeth into.

At 1215 BST, Dow Jones Industrial Average and Nasdaq futures were up 0.1%, while S&P 500 futures were flat.

Meanwhile, oil prices were on the rise ahead of an OPEC meeting in Vienna on Thursday, after Saudi energy minister Khalid al-Falih said there was unanimous support from all the nations to extend the 1.8m barrel a day production cut agreed at an earlier meeting. West Texas Intermediate was up 0.9% to $51.14 a barrel and Brent crude was 1% higher at $54.11.

Investors were likely to keep an eye on any Trump-related headlines after he inspired a selloff last week, as the US President’s inaugural trip abroad got underway. His first stop was Saudi Arabia, where he signed a $110bn arms deal.

Oanda analyst Craig Erlam said: "US President Donald Trump’s global tour will be of interest to traders although we do appear to be seeing a more reserved version of himself so far, which will come as a relief to many."

Stocks sold off last week amid worries that Trump could be impeached after it emerged he had asked former Federal Bureau of Investigation director James Comey to end his investigation into former National Security Adviser Michael Flynn's ties with Russia.

On the data front, the Chicago Fed National Activity Index is at 1330 BST. However, Fedspeak is likely to attract the most attention. Philadelphia Fed President Patrick Harker is due to give a speech on the link between physical and economic well-being at Jefferson College of Health Professions in Philadelphia at 1500 BST, while Minneapolis Fed President Neel Kashkari will deliver welcoming remarks at his bank’s conference on opportunity and inclusive growth at 1530 BST.

Speeches are also due after the close from Fed Governor Lael Brainard and Chicago Fed President Charles Evans.

In corporate news, chemicals group Huntsman was likely to be active after it agreed to a merger of equals with Switzerland’s Clariant that will create a company worth around $20bn.

Ford Motor was higher in pre-market trade on news it will replace chief executive Mark Fields with Jim Hackett.