FOX Business: Capitalism Lives Here
U.S. stock-index futures ticked higher on the heels of a gloomy day for the Street as traders reviewed a smattering of corporate news.
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As of 7:36 a.m. ET, Dow Jones Industrial Average futures climbed 41 points, or 0.25%, to 16401, S&P 500 futures advanced 4 points, or 0.2%, to 1868 and Nasdaq 100 futures rose 6.8 points, or 0.19%, to 3558.
Wall Street took a beating on Monday, with the broad S&P 500 shedding 0.9% and falling further from record highs. The move was led by diving financial and consumer discretionary stocks.
Federal Reserve chief Janet Yellen is set to testify before Congress at 10:00 a.m. ET. As always, traders will be paying close attention to the central bank's plans to hike interest rates from record lows.
"In previewing Janet Yellen’s speech today, I look to Richard Fisher’s comments last Friday as a cue that we’ll likely learn nothing new, especially since the FOMC statement was just last week," Peter Boockvar, chief market analyst at The Lindsey Group, said in an email to clients.
"As QE tapering has been well telegraphed, it’s obviously left the question of when the fed funds rate goes up when the asset purchase program is done."
A report on consumer credit conditions from the Fed rounds out the quiet macro-economic calendar.
In corporate news, blue-chip entertainment giant Disney (NYSE:DIS) logged significantly better-than-expected quarterly results. Alibaba, the Chinese e-commerce giant, filed for its initial public offering. The initial paperwork said it would be a $1 billion offering, but most analysts think that's just a placeholder number.
Brian Hamilton, chairman at Sageworks, said estimates on the company's valuation range from $150 billion to $200 billion.
"It’s refreshing to see a high profile technology company going public with real profitability," he said in an email. "However, if the estimates on valuation ... are correct, this will be a tremendously overvalued stock."
Elsewhere, U.S. crude oil futures climbed 79 cents, or 0.79%, to $100.29 a barrel. Wholesale New York Harbor gasoline dipped 0.3% to $2.877 a gallon. Gold ticked up by $1.60, or 0.12%, to $1,310 a troy ounce.