US pre-open: Stocks to nudge lower ahead of Powell testimony

US stock futures pointed to a marginally weaker open on Wall Street on Wednesday as investors eyed a speech by Federal Reserve chairman Jerome Powell.

At 1235 BST, Dow Jones Industrial Average and S&P 500 futures were off 0.1%, while Nasdaq futures were 0.2% lower.

Tickmill Group said: "Stateside, the primary focus will be on statements made by central bank policymakers. Federal Reserve Chair Powell is scheduled to deliver his semi-annual testimony to a House of Representatives Committee today, followed by a testimony to the Senate tomorrow.

"His remarks will likely face close scrutiny, especially regarding last week's signals from the Fed suggesting the possibility of raising US interest rates again in July, despite the decision to leave them unchanged this month.

"Additionally, the Fed's Goolsbee is also scheduled to speak. Given that he is viewed as one of the more dovish policy makers within the Fed, his insights on the likelihood of a rate hike in July will be of particular interest."

In equity markets, FedEx was in the red in pre-market trade after its quarterly revenues and guidance fell short of expectations.

Winnebago was also likely to be in focus after the release of its third-quarter results.