Wall Street Looking for More Encouragement From Fed Chair Yellen

Stock futures were cautiously higher ahead of Monday’s open with the blue chip index flirting with another record high as Wall Street looks for more inspiration from Fed Chair Janet Yellen.

Yellen makes her first post-FOMC appearance this afternoon with a speech at the University of Baltimore at 1:30pm ET. After hiking rates 25 basis points last week and lifting next year’s forecast to three rate hikes, Yellen is expected to give an uplifting speech on the state of the economy.

Additionally, the purchasing manager’s preliminary December index on the services sector is projected to show another improvement in the largest sector of the U.S. economy. The PMI will be released at 9:45am ET.

Related markets were mixed with Treasury yields creeping lower and the dollar softer against the yen, but slightly stronger versus the euro and British pound. Oil futures were marginally lower, while gold is higher for a second day as it recovers off its 10-month low from last week.

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