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US Futures Mixed Ahead of Data, Fed Speeches

U.S. stock futures were mixed on Wednesday as traders looked ahead to a raft of economic data and Federal Reserve speeches, including the second day of testimony in Congress of Federal Reserve Chair Janet Yellen.

Oil prices turned lower with global benchmark Brent Crude down 0.55% recently, and U.S. benchmark West Texas Intermediate down 0.58% as the commodity got pressured by a stronger dollar and after industry data showed a bigger-than-expected climb in U.S. stockpiles.

At 8:30 a.m., data are expected to show consumer prices rising 0.3% in January. Retail sales are expected to post a small gain of 0.1% in January. The Empire State manufacturing index is expected to be at the 7.5 level, compared to prior level of 6.5, according to data compiled by Econoday.

At 9:15 a.m., forecasters see industrial production to remain steady in January.

At 10:00 a.m., business inventories are expected to rise 0.4% in December, following November's large 0.7% build. The housing market index is expected to come in at 68 in February compared to January's 67 level.

Federal Reserve Chair Janet Yellen and Presidents Eric Rosengren, Patrick Harker and William Dudley are all scheduled to give speeches throughout the day.

In equities, shares of Fortress Investment Group were 28.2% higher pre-bell after the company agreed to $3.3 billion takeover offer from Japan's Softbank.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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