US STOCKS-Wall St set for flat open; Yellen, data on tap
* HP drops in premarket after results, outlook
* Day two of Yellen testimony on deck
* New home sales data expected at 10 a.m.
* Futures off: Dow 2 pts, S&P 2.5 pts, Nasdaq 8.75 pts (Adds quote, Target earnings, updates prices)
By Chuck Mikolajczak
NEW YORK, Feb 25 (Reuters) - U.S. stocks index futures pointed towards a flat open on Wednesday, after the Dow and S&P 500 climbed to their latest records, before a second day of testimony from Federal Reserve Chair Janet Yellen and data on the housing market.
The Fed chair told a congressional committee that the Fed is preparing to consider increases "on a meeting-by-meeting basis," a subtle change that helps to lay a foundation for the central bank's first rate hike since 2006, although the timing of the liftoff was still in question. Yellen's second day of testimony is set to begin at 10 a.m. (1500 GMT).
"There is a pregnant pause in the market this morning," said Peter Kenny, chief market strategist at Clearpool Group in New York.
"Markets are waiting to see if there is any further insight into the timeline in the normalization of rates, any shift in terminology that would indicate a more certain timeline or a significant shift in that timeline." Continuación...