U.S. stock-index futures were little changed and investors awaited Federal Reserve Chair Janet Yellen’s testimony before Congress.
Futures for the Dow Jones Industrial Average rose 0.1 percent to 17,976, while those for the S&P 500 index gained 0.1 percent to 2,104.25. Futures for the Nasdaq 100 index added 0.2 percent to 4,527.25.
Yellen will deliver her semi-annual monetary policy testimony on Wednesday and Thursday. Officials in June forecast the central bank would raise rates twice this year, with September seen as the most likely month for the first increase.
In Greece, the parliament votes Wednesday on a package of reforms aimed at getting more aid. Prime Minister Alexis Tsipras is trying to drum up support for the agreement that’s sparked a revolt in his own party.
U.S. stocks rose yesterday for the fourth session in a row. The Dow rose 0.4 percent to 18,053.58 and the S&P 500 gained 0.4 percent to 2,108.95. The four-day rally has lifted the Dow 3.1 percent. The blue-chip index is now up 1.3 percent for the year.
DATA:
The Empire State index of manufacturing conditions in the New York area swung back to positive territory in July, the New York Fed said today. The index rose to 3.9 points from a negative 2 in June, about in line with a MarketWatch-compiled survey for a reading of 4. Any reading above zero indicates improving conditions.
Industrial production for last month comes out a 9:15 a.m. and should show a 0.1% rise, according to estimates, compared with a 0.2 percent fall in May. A report on capacity utilization is also due at 9:15 a.m.
The Fed’s Beige Book — a survey of economic conditions that a month ago showed muted wage gains — is due at 2 p.m.
MOVERS:
Bank of America (NYSE:BAC) rose 2.8 percent in premarket trades after second-quarter earnings topped expectations.
BlackRock (NYSE:BLK), the world's largest money manager, also reported earnings ahead of forecasts, sending the shares 0.1 percent higher ahead of the bell.
Delta Air Lines (NYSE:DAL) dropped 2.5 percent. The Atlanta, Georgia-based carrier reported that second-quarter profit jumped 85 percent, topping expectations, but forecast a third-quarter drop in unit revenue
Celgene (NASDAQ:CELG) gained 8.9 percent to $122.85. The biotech company is buying Receptos (NASDAQ:RCPT). Receptos shares surged 10 percent.
Yum Brands (NYSE:YUM) slipped 1.1 percent after the fast-food-chain operator late yesterday reported second-quarter adjusted earnings of $0.69 per share on sales of $3.1 billion.
PayPal Holdings (NASDAQ:PYPLV) rose 3.3 percent after Standard & Poor’s Financial Services announced the payments company will join the S&P 100 and the S&P 500 indexes, replacing EBay Inc. and Noble Corp.
OTHER MARKETS:
European stock markets struggled for direction as investors waited for Greece’s parliament to vote on the newly agreed bailout deal for the country. The Stoxx Europe 600 SXXP turned up 0.3 percent to 399.43, with only the consumer goods and industrial sectors edging lower.
Stocks in China fell a second straight day, with a government-engineered recovery proving fleeting and surprisingly strong growth data dimming hopes for more stimulus. The Shanghai Composite ended down 3 percent at 3,805.70, shedding gains from a three-day rally that had lifted the benchmark roughly 13 percent.
COMMODITIES:
Spot gold was at $1,154.29 an ounce, little changed from yesterday, while U.S. gold futures for August delivery were a touch lower at $1,153.10.
Crude-oil futures fell 0.9% to $52.58 a barrel.