US pre-open: Stocks seen flat after record highs, Yellen speech eyed

US futures pointed to a muted open on Wall Street on Tuesday following more record highs in the previous session.

At 1140 GMT, Dow Jones Industrial Average futures were up 0.1%, while S&P 500 and Nasdaq futures were flat.

Oanda analyst Craig Erlam said: “Two Fed policymakers are due to make an appearance today, Janet Yellen the outgoing Chair and Randal Quarles, who recently joined the Board of Governors. Typically it would be Yellen’s comments that would be of most interest but under the circumstances, it may be Quarles that most are interested in hearing from. Yellen’s term will end in February and a rate hike in December is almost entirely priced in, leaving us with little to potentially take from her message, especially given the number of positions still to be filled on the board.

“Once again the week is looking a little quieter from a data perspective and the same is certainly true today. The only notable release from the US will be JOLTS job openings, although given recent moves in oil markets, API crude inventory data will also likely be closely monitored."

JOLTS job openings figures are at 1500 GMT, along with the IBD/TIPP economic optimism index, while Yellen is due to make her speech at 1930 GMT in Washington. The central bank’s vice chairman for supervision, Quarles, will give a speech before that at a conference focused on banking regulations and the payments industry.

The API crude inventory data is scheduled for release at 2130 GMT.

In corporate news, Priceline and TripAdvisor were on the back foot in pre-market trade after quarterly earnings late on Monday.

E-commerce group Etsy looked set to advance at the open after it said on Monday that it swung to a profit in the third quarter.

Meanwhile, investors were likely to be digesting reports that Disney is in talks with 21st Century Fox over the sale of a large part of its operations, including its share of Sky.

Still to come, earnings are due from Valeant Pharmaceuticals, SeaWorld Entertainment and Dean Foods before the opening bell.