The major U.S. index futures are pointing to a roughly flat opening on Tuesday, as traders look ahead to Federal Reserve Chair Janet Yellen’s semiannual monetary policy testimony before the Senate Banking Committee.
Yellen’s remarks are likely to be closely watched for any clues regarding the outlook for the next interest rate hike by the Fed.
Stocks moved mostly higher during trading on Monday, extending the uptrend trend seen over the past several sessions. With the upward move on the day, the major averages once again climbed to new record closing highs.
The major averages ended the day firmly in positive territory but off their highs of the session. The Dow advanced 142.79 points or 0.7 percent to 20,412.16, the Nasdaq rose 29.83 points or 0.5 percent to 5,736.96 and the S&P 500 climbed 12.15 points or 0.5 percent to 2,328.15.
The markets continued to benefit from recent upward momentum spurred in part by optimism about reduced corporate taxes under President Donald Trump.
The strength on Wall Street came despite a lack of major U.S. economic data, although the economic calendar picks up considerably over the next several days.
A report on producer price inflation is due on Tuesday, while a slew of data is scheduled to be released on Wednesday, including reports on consumer prices, retail sales and industrial production.
Reports on regional manufacturing activity, housing starts, and homebuilder confidence are also scheduled to be released this week.
Federal Reserve Chair Janet Yellen’s semi-annual testimony before Congress is also likely to attract attention along with speeches by a number of other Fed officials.
Steel stocks showed a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by 3.8 percent. With the jump, the index has reached best closing level in well over two years.
Considerable strength was also visible among financial stocks, with the Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index climbing by 1.2 percent and 1 percent, respectively.
Airline and electronic storage stocks also saw notable strength, while gold stocks bucked the uptrend amid a decrease by the price of the precious metal.
US Economic Reports
Primarily reflecting a jump in energy prices, the Labor Department released a report showing that U.S. producer prices rose by more than expected in the month of January.
The Labor Department said its producer price index for final demand climbed by 0.6 percent in January after rising by 0.2 percent in December. Economists had expected prices to increase by 0.3 percent.
Excluding food and energy prices, core consumer prices rose by 0.4 percent in January following a 0.1 percent uptick in December. Core prices had been expected to climb by 0.2 percent.
Federal Reserve Chair Janet Yellen is scheduled to give her semiannual monetary policy testimony before the Senate Banking Committee beginning at 10 am ET.
At 12:50 pm ET, Atlanta Fed President Dennis Lockhart is due to speak at the Huntsville Rotary Club regarding crisis, recession, and recovery in Huntsville, Alabama.
Dallas Fed President Robert Kaplan is scheduled to participate in a panel discussion at the Greater Houston Port Bureau luncheon in Houston, Texas, at 1 pm ET.
Adedapo Adesanya 
Modupe Gbadeyanka