NEW YORK (TheStreet) -- U.S. stock futures were trading near or at the flat line on Wednesday following the sharp gains during the prior session as Procter & Gamble (PG - Get Report) retreated on a cut to its outlook.
Futures were see-sawing slightly after the major indices on Tuesday each rose more than 1% fueled by Federal Reserve Chairwoman Janet Yellen's dovish monetary policy stance.
S&P 500 futures were unchanged, or 1.7 points below fair value, to 1,813.5. Dow Jones Industrial Average futures were flat, or 9.77 points below fair value, to 15,930. Nasdaq futures were up 2.7 points, or 2.37 points below fair value, to 3,615.5.
Benchmark U.S. stock indices closed higher for the fourth consecutive session Tuesday as Yellen underscored in her testimony before the House Financial Services Committee that the central bank will continue to scale back its economic stimulus program at a guarded pace. She reminded investors that the window for raising the short-term fed funds rate remains firmly shuttered. Also fueling positive sentiment was the House's vote to raise the government debt ceiling until March 2015.
- International markets advanced after Yellen's appearance. The FTSE 100 in the U.K. was up 0.02%, the DAX in Germany was up 0.69%, the Hong Kong Hang Seng rose 1.47%, and the Nikkei 225 in Japan increased 0.56%.
- Procter & Gamble was off 0.75% to $78.25 in premarket trading after lowering its 2014 earnings guidance on expectations of unfavorable foreign exchange conditions tied to developing markets.
- TripAdvisor (TRIP - Get Report) was popping 4.6% to $88.01 after quarterly sales beat expectations and earnings per share came in as expected.
- Ford (F - Get Report) was adding 1% to $15.11 after reporting that its China auto sales rose 53% in January from a year ago.
- Cisco (CSCO) is expected by analysts to report on Wednesday fiscal second-quarter earnings of 46 cents a share on revenue of $11.03 billion. Zillow (Z), the real estate Web site, is forecast to report fourth-quarter earnings on Wednesday of 7 cents a share. Whole Foods Market (WFM) is expected by Wall Street on Wednesday to report fiscal first-quarter earnings of 44 cents a share on revenue of $4.29 billion.
- St. Louis Federal Reserve Bank President James Bullard was expected to begin speaking on the economic outlook in New York at 8:35 a.m. EST.