This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Market Hustle: Futures Gain as Fed Speak Begins

NEW YORK (TheStreet) -- U.S. stock futures were leaning toward a higher open on Friday, stabilizing after stocks fell sharply yesterday to open trading for the new year.

  • S&P 500 futures were up 3 points, or 3.62 points above fair value, to 1,829.5 while Dow Jones Industrial Average futures were tacking on 28 points, or 44.65 points above fair value, to 16,416. Nasdaq futures were rising 1.5 points, or 2.83 points above fair value, to 3,560.8.

  • Federal Reserve Chairman Ben Bernanke is scheduled to deliver a speech in Philadelphia at 2:30 p.m. EST. Bernanke, the outgoing chairman, is expected to speak about the changeover at the Fed at a meeting of the American Economic Association. "The outgoing Fed Chair will presumably not want to surprise in the last few weeks of his tenure," Capital Economics' Toronto-based senior U.S. economist Paul Dales said in a note. Nevertheless, Bernanke is speaking amid general anticipation of more tapering by the central bank in the not-too-distant future.

  • Also expected to speak at the Philadelphia meeting are Fed Governor Jeremy Stein at 10:15 a.m. and 1:15 p.m. and Philadelphia Fed president Charles Plosser at 10:15 a.m. and again at 12:45 p.m. Richmond Fed President Jeffrey Lacker speaks in Baltimore at 1:30 p.m.

  • Fed Vice Chair Janet Yellen is expected to to assume the Fed's top post on Feb. 1 after Bernanke finishes his second term on Jan. 31. The Senate is scheduled to vote on Yellen's appointment as Fed chair on Monday at about 5:30 p.m New York time.

  • December auto sales numbers will be published at 2 p.m. EST.

  • U.S. markets sank on the first trading day of 2014 amid signs of slowing manufacturing in China and as investors accepted the likelihood that the next 12 months won't match 2013.

  • FireEye (FEYE) shares were surging 24.24% to $51.10 in premarket trading on Thursday after FireEye announced it will acquire computer forensics company Mandiant for $1.05 billion in cash and stock, reported preliminary fourth-quarter results, and raised 2014 revenue guidance based on the acquisition.

  • General Electric (GE) was trading sideways at $27.50 after being downgraded at Oppenheimer to perform from outperform.

-- Written by Andrea Tse in New York.

Follow @atwtse

>Contact by Email.

Stock quotes in this article: ^DJI, ^GSPC, ^IXIC, GE, FEYE 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,514.37 +65.12 0.40%
S&P 500 1,879.55 +7.66 0.41%
NASDAQ 4,161.4580 +39.9120 0.97%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs