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US stock index futures were slightly lower on Wednesday morning as market participants eagerly awaited comments from the world's most powerful central banker.
At 3:35 am ET, Dow futures lost 63 points, indicating a negative opening of more than 64 points. The S & P and Nasdaq futures contracts were both slightly lower.
The market's attention is largely sensitive to the testimony of Federal Reserve Chairman Jerome Powell, as investors are eager to see whether he will confirm or confuse the expectations of easing US policy this month.
Over the next two days, Powell is expected to talk about slower economic activity and heightened risk, demonstrating that the Fed is ready to lower interest rates as needed.
However, Powell should also let markets – and the White House – guess when and how deep the Fed intends to reduce its share prices when it meets at the end of July. The prevailing view, embedded in the futures market, is a 100% probability of a quarter-point rate reduction on July 31st.
During the night, Atlanta Fed Chairman Raphael Bostic said the US central bank was debating the risks and benefits of letting the world's largest economy run "a little bit stronger".
As for the data, wholesale trade figures for May will be released around 10:00 am Eastern time.
In company news, AngioDynamics and MSC Industrial Direct are about to release their latest quarterly results before the opening bell.
AAR, Bed Bath & Beyond and PriceSmart are expected to release their financial results after market close.
– CNBC Patti Domm contributed to this report.
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