US STOCKS-Wall St set to rebound after selloff; Yellen testimony due

miércoles 7 de mayo de 2014 09:11 GYT

* Whole Foods tumbles after earnings, outlook

* Yellen congressional testimony due

* Futures up: Dow 47 pts, S&P 4 pts, Nasdaq 9.5 pts (Adds data, updates prices)

By Chuck Mikolajczak

NEW YORK, May 7 (Reuters) - U.S. stocks were set to bounce at the open on Wednesday, on the heels of the biggest drop in the S&P 500 since mid-April, as earnings season winds down and ahead of congressional testimony from Federal Reserve Chair Janet Yellen.

* Developments in Ukraine helped sentiment, as Russian President Vladimir Putin said Wednesday he was ready to discuss a way out of the crisis with the head of the Organization for Security and Co-operation in Europe (OSCE).

* Testimony from Fed Chair Yellen to the Joint Economic Committee, scheduled for 10:00 a.m. (1400 GMT), will be closely monitored. While Yellen is largely expected to maintain a dovish policy stance, investors will look for clues on how soon interest rates will be raised, with many expecting hikes beginning in 2015.

* U.S. stocks fell on Tuesday, closing at session lows as the S&P 500 suffered its biggest percentage decline since April 11. AIG dragged on financial shares after disappointing earnings and a slide in Twitter hurt other names in the technology and internet space.

* Over 20 S&P 500 companies are scheduled to report earnings on Wednesday. Whole Foods Market Inc tumbled 18 percent to $39.31 in premarket trading after the organic grocer posted second-quarter results and cut its 2014 outlook on Tuesday.   Continuación...