US Stock Futures Tiptoe Higher in Wait for Comments From Fed's Yellen

New York (Nov 17)  Stock futures tiptoed higher Thursday as investors waited for comments from Federal Reserve Chair Janet Yellen that could back up the likelihood of a move on interest rates from the central bank next month.

S&P 500 futures added 0.1%, Dow Jones Industrial Average futures rose 0.06%, and Nasdaq futures increased 0.3%.

Yellen will address the Congressional Joint Economic Committee at 10 a.m. on Thursday. The Fed Chair last testified before that committee in December of last year, prior to the Fed's decision to hike interest rates for the first time in nearly a decade.

"We think it is too early for her to be providing firm conclusions about what the (U.S.) election outcome means," BNP Paribas analysts wrote in a note. "Instead, she is likely to maintain the position that the Federal Open Market Committee remains data-dependent and will hike rates gradually."

A December rate hike already had a high probability among Wall Street pundits with any doubt after Donald Trump's recent election as U.S. president quickly evaporating. The chances of a December rate hike currently sit at 90%, according to CME Group fed funds futures.

Also on the economic calendar Thursday, the Consumer Price Index and housing starts for October, weekly jobless claims, and the Philadelphia Fed Business Outlook Survey for November before the opening bell.

Crude oil spiked on continued hopes of a production freeze agreement among major oil producers. Saudi Energy Minister Khalid al-Falih added to hopes on Thursday after expressing his confidence that Organization Petroleum Exporting Countries would follow through on the details of a deal sketched out at a meeting in Algeria in September. OPEC will meet in Vienna on Nov. 30.

Source: TheStreet