NEW YORK (TheStreet) -- U.S. stock futures were pointing to broad market gains after Federal Reserve Vice Chair Janet Yellen said that the U.S. economy and job market still needs more support, encouraging expectations of prolonged quantitative easing.
Futures for the S&P 500 were rising 2.75 points, or 2.85 points above fair value, to 1,781.5. Futures for the Dow Jones Industrial Average were up 9 points, or 10.37 points above fair value, to 15,788. Futures for the Nasdaq were down 6 points, or 5.06 points below fair value, to 3,396.
Wal-Mart shares were dipping 1.55% to $77.68 after disappointing top-line sales for the third quarter. Total revenue rose an anemic 1.7% to $115.7 billion. Analysts were expecting the company to post revenue of $116.8 billion. The Bentonville, Ark.-based retailing giant reported net income of $3.7 billion, or $1.14 a share, beating consensus estimates by a penny.
Kohl's also posted disappointing third-quarter results, falling short of earnings expectations by 5 cents at 81 cents a share as same-store sales at the department store operator fell 1.6% and contributed to a revenue miss. Shares were diving 9.29% to $52.85.
Cisco shares were dropping more than 11% to $21.34 after the networking-equipment giant reported Wednesday fiscal first-quarter revenue that missed Wall Street estimates, weighed down by weak spending that has hurt rival tech heavyweights.
Yellen, who's tipped to become the next head of the Federal Reserve, is to testify before the Senate Banking Committee at her nomination hearing at 10 a.m. EST.