US Stock Futures Point To A Lower Opening
US stock futures held steady today, pointing to a lower opening, as traders awaited Fed Reserve Chairman Ben Bernanke's testimony and remained unwilling to commit in the market. While futures on S&P 500 lost 1.5 points to 1095.70, those on Nasdaq 100 gained three-quarters of a point to 1801.70. Meanwhile, Dow Jones Industrial Average futures fell 6 points.
Bernanke is set to appear before the House Financial Services Committee at 10 a.m. EST. Although the Fed chairman is insisting that the economy needs "accommodative monetary policies," an increase in the discount window loans last week has raised concerns that the central bank may tighten its policies earlier than expected. In addition, data on new home sales for January will be released today. Akio Toyoda, president of Toyota Motor Corp (NYSE: TM), will continue to face questions on the safety of Toyota cars after a massive recall.
European stocks traded weaker in late morning trade, with banks including Banco Santander (STD) losing ground. Meanwhile, the Nikkei 225 retreated 1.5% in Tokyo as Asian stocks were hit hard after Wall Street stocks dipped on Tuesday.
Read more from Benzinga's Markets.
