Investing.com – U.S. futures pointed to a lower opening bell on Wednesday after Federal Reserve Chair Jerome Powell reiterated that the central bank is taking a more cautious approach to monetary policy.
The U.S. economic outlook is “generally favorable” but headwinds from abroad could drag on the country in the coming months, Powell said during testimony at the Senate Banking Committee on Tuesday.
"We have the makings of a good outlook and our (rate-setting) committee is really monitoring the crosscurrents, the risks, and for now we are going to be patient with our policy and allow things to take time to clarify,” he said. Powell is due to testify at the House Financial Services Committee later in the day.
The S&P 500 futures fell 5 points or 0.21% as of 6:40 AM ET (11:40 GMT) while Dow futures slipped 64 points or 0.25% and tech-heavy Nasdaq 100 futures declined 15 points or 0.22%.
Tesla (NASDAQ:TSLA) was among the top movers in premarket trading, rising 0.95% while Kraft Heinz (NASDAQ:KHC) inched up 0.18% and Perrigo Co (NYSE:PRGO) gained 0.2%.
Pharmaceutical company Mylan (NASDAQ:MYL) slumped 10.8% after its forecast for 2019 was lower than expected, while Facebook (NASDAQ:FB) slipped 0.8% and Weight Watchers International Inc (NASDAQ:WTW) declined 34% after its 4Q earnings fell short of estimates amid profit warnings.
In earnings, Best Buy Co Inc (NYSE:BBY), Campbell Soup Company (NYSE:CPB) and Booking (NASDAQ:BKNG) Holdings, among others, are expected to report their latest financial reports.
On the economic front, pending home sales and factory orders are due at 10:00 AM ET (15:00 GMT).
In commodities, gold futures rose 0.09% to $1,329.65 a troy ounce, while crude oil increased 1.7% to $56.45 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, decreased 0.10% to 95.768.