Investing.com - U.S. stock futures pointed to a higher open on Tuesday, as comments by Federal Reserve Chair Janet Yellen sent global equity markets higher, while investors eyed the release of U.S. manufacturing activity later in the day.
Ahead of the open, the Dow 30 futures pointed to a 0.23% increase, S&P 500 futures signaled a 0.21% gain, while the Nasdaq 100 futures indicated a 0.19% rise.
Equitiy markets found support after Fed Chair Yellen said that "considerable slack" still remained in the labor market and reiterated that the Fed’s commitment to economic stimulus will still be needed for some time.
Elsewhere, data showed that China’s official manufacturing purchasing managers’ index for March rose to 50.3 from 50.2 in February. However, a separate report showed that China’s HSBC manufacturing PMI fell to 48, the weakest level in a year-and-a-half, from a final reading of 48.5 in February.
The auto sector was expected to be active, as General Motors (NYSE:GM) Chief Executive Officer Mary Barra was set to testify before the House Energy and Commerce Committee in Washington about ignition troubles.
Last week, GM expanded its recall to 2.6 million vehicles, adding 917,000 more units. Shares in the company were down 0.32% in pre-market trade.
Pharmaceutical companies were also slated to move, after the U.S.Supreme Court agreed to hear an appeal by Teva Pharma Industries (TEVA.TA) to revive a patent that would protect its Copaxone multiple-sclerosis drug from generic competition. The news sent Natco Pharma (NATP.NS) down more than 13% on Monday.
Elsewhere, Facebook (NASDAQ:FB) shares were up 0.22% in early trading, even after the Financial Times reported that the company's number two executive, Sheryl Sandberg, has sold more than half her stake in the social networking giant since its initial public offering less than two years ago.
Meanwhile, Ares Management was set to be in the spotlight after it filed to raise $100 million in the largest initial public offering of an alternative-asset manager in almost two years.
Other stocks likely to be in focus included Apollo Group (NASDAQ:APOL), scheduled to report quarterly earnings later in the day.
Across the Atlantic, European stock markets were higher. The DJ Euro Stoxx 50 rose 0.26%, France’s CAC 40 gained 0.60%, Germany's DAX climbed 0.41%, while Britain's FTSE 100 advanced 0.39%.
During the Asian trading session, Hong Kong's Hang Seng jumped 1.34%, while Japan’s Nikkei 225 slipped 0.24%.
Later in the day, the Institute of Supply Management was to publish a report on U.S. manufacturing growth.