US Stock Futures Little Changed as Crude Oil Rebounds
New York (Sept 28) Stock futures were little changed on Wednesday morning as crude oil rebounded from a major selloff a day earlier. S&P 500 futures were flat, Dow Jones Industrial Average futures climbed 0.06%, and Nasdaq futures rose 0.03%.
Crude oil prices rebounded Wednesday as the International Energy Forum remained in focus. Major oil producers have been discussing the current oil crisis in Algeria for the past three days and many had hoped Organization of Petroleum Exporting Countries might agree to a production freeze. The likelihood of an agreement fell on Tuesday, leading to a 3% decline in oil prices.
West Texas Intermediate crude oil was up 1.6% early Wednesday to $45.39 a barrel.
It's a busy day of Federal Reserve talk which could illuminate the central bank's near-term plans for interest rates. Fed Chair Janet Yellen will be the most closely watched when she gives testimony to the House Financial Services Committee on Wednesday morning. Yellen will discuss how the Fed supervises and regulates the financial system.
Also on Wednesday, Minnesota Fed President Neel Kashkari will participate in a Q&A, St. Louis Fed President James Bullard and Chicago Fed President Charles Evans will deliver remarks at the Community Banking in the 21st Century conference, Cleveland Fed President Loretta Mester will give a speech on the economic outlook, and Kansas City Fed President Esther George will make remarks at the Forum for Minority Bankers. Mester and George both recently voted for a rate hike, two of three dissenters at the September Federal Open Market Committee meeting.