Market Hustle: Stock Futures Slip Ahead of Yellen Testimony
NEW YORK (TheStreet) -- U.S. stock futures were trading lower Monday after rising the previous week, as investors awaited Federal Reserve Chair Janet Yellen's economic and monetary policy testimony before Congress on Tuesday and Thursday.
S&P 500 futures were down 4.25 points, or 3.12 points below fair value, to 1,789.25. Dow Jones Industrial Average futures were off 29 points, or 28.08 points below fair value, to 15,710. Nasdaq futures were down 2.7 points, or2.36 points below fair value, to 3,555.3.
There were no major U.S. economic releases expected for Monday.
Events expected this week include Yellen's first semi-annual monetary policy testimony before the House Financial Services Committee in Washington. Yellen is to deliver the second part of the semi-annual monetary policy testimony before the Senate Banking Committee on Thursday.
- "The soft payrolls report on Friday arguably raises the stakes," Singapore-based UBS strategist Gareth Berry said in a note. "Although the consensus still expects a steady reduction in the monthly pace of QE3 asset as the year progresses, if anything investors now expect Yellen to place an even greater focus on the policy rate remaining lower for longer."
- Markets showed resilience Friday, recouping all losses from a broad selloff earlier in the week. U.S. stocks jumped as investors looked beyond lower-than-expected headline employment numbers for January, and found that not only did some of the largest sectors of the labor force gain ground but more people went looking for work last month. The S&P 500 gained 0.81% for the week.
- Hasbro (HAS) was off 2.18% to $49 after the toy company missed fourth-quarter expectations by 10 cents, posting earnings of $1.12 a share.
- Green Mountain Coffee Roasters (GMCR) was up 2.09% to $110 and Krispy Kreme Doughnuts (KKD) was higher by 0.52% to $17.50 after the companies reached a multiyear agreement to bring Krispy Kreme's signature coffee to K-Cup packs for the Keurig brewing system.
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