May 7, 2014 -- 8:30 a.m. - 05/07/14

Stock index futures are suggesting a higher open on Wednesday. The Dow and NASDAQ are both up 0.4%. The S&P 500 is trading 0.3% above fair value on Globex.

The major averages are poised to advance as investors weigh corporate earnings releases. Walt Disney is gaining 0.9% to $81.75 after posting quarterly results above consensus benefitting from its hit animated movie Frozen. Video game maker Electronic Arts is surging 16% to $32.53 as its profits beat analyst projections. Whole Foods is falling 17.2% to $39.70 after lowering its full-year forecast.

Attention is also on the Fed. This morning Chair Janet Yellen begins her two-day testimony before a joint Congressional committee to discuss the economic outlook and monetary policy. Investors are also keeping an eye on Ukraine after Russias foreign minister called for talks to resolve the conflict. On the economic front, a report showed nonfarm productivity declined 1.7% in the first-quarter.

European markets are mixed at midsession. The FTSE is down 0.1% in London. The DAX is 0.7% higher in Frankfurt as positive earnings offsets an unexpected decline in factory orders. Asian markets declined overnight. A stronger yen sent the Nikkei down 2.9% as trading resumed in Tokyo after a two-day public holiday. Chinas Shanghai Composite was 0.9% lower on the session.

Treasuries are down ahead of Janet Yellens testimony. Benchmark 10-year notes are off 6/32 to yield 2.61%.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.

 

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