Stocks set to edge up at open

By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- U.S. stocks were set to open slightly higher Wednesday as investors awaited Congressional testimony from Federal Reserve chief Ben Bernanke.

Dow Jones industrial average, S&P 500 futures and Nasdaq 100 futures were narrowly higher, recovering from earlier lows.

Where have you gotten the best financial advice?
  • A friend
  • A family member
  • A financial publication
  • A professional financial adviser

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

U.S. stocks fell on Tuesday after a key gauge of consumer confidence tumbled, reflecting investors' growing pessimism about the strength of the recovery. The Dow, S&P 500 and Nasdaq composite all lost about 1%.

Erick Maronak, chief investment officer for Victory Capital Management, said that investors are focused on Bernanke's appearance before Congress, particularly "the pace at which he sits back and withdraws monetary stimulus from the market."

Fed: Bernanke heads to Capitol Hill for the first of two days of testimony before lawmakers.

The Fed chief is expected to discuss economic and monetary policy. But investors will also be looking for any signs about the Fed's plans to unwind some of the various emergency programs that were put in place during the crisis.

Companies: Toyota (TM) president Akio Toyoda will appear before the House Oversight Committee to discuss the automaker's safety record following a massive recall of its vehicles.

Google (GOOG, Fortune 500) said it has been notified by the European Commission that three companies have complained about its practices.

Economy: After the opening bell, the Census Bureau will release its January report for new home sales. Sales are expected to have reached an annual rate of 354,000 units last month, according to a consensus of economist opinion from Briefing.com. This would be an increase from 342,000 the prior month.

World markets: European shares were mixed in midday trading Wednesday. Asian stocks finished the session lower. Japan's Nikkei lost 1.5% and Hong Kong's Hang Seng declined 0.8%.

Cash and bonds: The dollar slipped against the euro, the yen and the pound. The price rose on the 10-year note, pushing down the yield to 3.69%.

Gold and oil: The price of gold fell $10.30 per ounce to $1,092.40. The price of oil eased 24 cents per barrel to $78.62.  To top of page

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET

Sections

Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands. More

Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.