By Matt Jarzemsky
U.S. stock futures hugged the flat line Friday ahead of a speech
by Federal Reserve Chairwoman Janet Yellen.
Less than 90 minutes before the U.S. opening bell, futures on
the Dow Jones Industrial Average added six points, or less than
0.1%, to 17022.
S&P 500 futures declined less than one point, or less than
0.1%, to 1989, on the heels of a record close for the index
Thursday. Nasdaq-100 futures slipped one point, or less than 0.1%,
to 4047.
Investors are looking to speeches from Ms. Yellen and other
central bankers for clues as to whether these officials will keep
interest rates at historically low levels--a policy widely seen to
have added fuel to stocks' rally. Other central bank leaders, such
as European Central Bank President Mario Draghi, are also scheduled
to speak Friday at an annual conference in Jackson Hole, Wyo.
"Markets are looking for nothing other than another dovish
display from Yellen," said Nick Lawson, global co-head of macro
products and sales at Deutsche Bank AG. "It's difficult to actually
find sellers at the moment. The market is pretty well bid."
Mr. Lawson said he has seen increased interest among investors
in income-generating equities, even with stock indexes at near
record levels, as interest rates have remained at historic lows
this year.
European stocks pulled back on a sign of escalation in Russia's
conflict with Ukraine, but were off the session's lows. Ukraine
said Russian trucks carrying humanitarian aid crossed into
Ukrainian rebel-held territory without being accompanied by the Red
Cross in violation of an agreement between the two countries. The
Stoxx Europe 600 fell 0.3%.
Elsewhere in global markets, buying in bonds pushed the yield on
the U.S. 10-year Treasury note, which moves inversely to its price,
down to 2.397%.
Gold futures gained 0.3% to $1,279.50 an ounce and crude-oil
futures slid 0.5% to $93.51 a barrel.