Dave Lutz, the head of Exchange Traded Funds at JonesTrading, has a noteon what traders are watching before the opening bell.In brief:US stock futures are higher after the Dow broke a seven-day winning streak on Wednesday. Futures on the Nasdaq, which is tech-heavy, continue to rebound following a post-election surge.A speech by Federal Reserve Chair Janet Yellen will be released at 8 a.m. ET ahead of her congressional testimony at 10 a.m. At 8:30, data on housing starts, consumer-price inflation, initial jobless claims, and manufacturing in Philadelphia will be released.Here's Lutz:Good Morning! US futures are up, with Nasdaq continuing to rebound, adding 30bp and the S&P adds 10bp as we await the Yellen (Speech released at 8am, Testimony at 10). Mixed bag over in Europe, as the DAX is off 20bp - Banks seeing profit-taking, and Energy stocks struggling to stay unchanged, while those Yield Proxies acting well, with Utes and telecom leading. In London, the FTSE is climbing 30bp as the Miners shrug off another Ore whack in China. Volumes are relatively muted, with most exchanges trading 20% light to trend. Over in Asia, a quiet night as Nikkei closed Unch - Aussie gained smallShanghai added 20bpwith REITs and Property Developers acting well across the region. EM Asia closed mixed to red, and India continues to lose ground on recent Modi crackdown on Black Money.US Yields are under some pressure, but climbing back towards unchanged as German Bunds start seeing some heavy selling. JGBs tested and held 0% as the BOJ offered to buy unlimited amounts of 1-5Y bonds. The DXY retreating from 13Y highs as Fed Funds show a 94% Chance of a hike, with expectations ramping for multiple 2017 hikes - $/Y coming back from recent spike, while UK retail sales propelling Sterling and Euro acting better into ECB minutes today. A 3rd day of sharp Ore declines in China weighs on the Industrial Metals, while Gold and Silver recover 40bp from the recent drubbing. The Energy Complex is catching a bid as headers roll about OPEC, with WTI adding 1.5% and nearing yesterdays peaks. Natty Gas remains under pressure into inventory data later today.Ahead of us today, Yellens Speech is released at 8amwe get Housing Starts, CPI, and Philadelphia Fed Business Outlook at 8:30. At 10am all eyes on Yellen testifying to the Joint Economic Committee on Economy. At 10:30 we get that Natty Gas Inventory data. At 12:30 Fed's Brainard Speaks in New York, just before the 1pm reopening auction of $11B in 10Y TIPs. Down in Washington, the House to consider legislation that would bar sale of as many as 109 Boeing jetliners to Iran.SEE ALSO:The largest oil deposit ever found in America was just discovered in TexasJoin the conversation about this storyNOW WATCH: Here's how Donald Trump can function on barely any sleep 'and why you shouldn't copy him
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