U.S. index futures little changed before Yellen; Deere advances

FEDERAL RESERVE Chair Janet Yellen will speak Friday at the Rhode Island Convention Center as part of the Greater Providence Chamber of Commerce Economic Outlook Luncheon.  / BLOOMBERG NEWS PHOTO/ANDREW HARRER
FEDERAL RESERVE Chair Janet Yellen will speak Friday at the Rhode Island Convention Center as part of the Greater Providence Chamber of Commerce Economic Outlook Luncheon. / BLOOMBERG NEWS PHOTO/ANDREW HARRER

U.S. stock-index futures were little changed, with the Standard & Poor’s 500 Index at a record, before a speech in Rhode Island by Federal Reserve Chair Janet Yellen kicks off Memorial Day weekend.

Deere & Co. rose in early New York trading after raising its 2015 profit forecast. Foot Locker Inc. added 3.4 percent after first quarter earnings per share topped the highest analyst estimate.

E-mini futures on the S&P 500 expiring in June added less than 0.1 to 2,128.5 at 7:24 a.m. in New York. Contracts on the Dow Jones Industrial Average increased 13 points to 18,271. Markets are closed Monday for the holiday.

“It’s the same old Goldilocks environment – the economy is not too robust and not too weak and the Fed is in a good place,” said Patrick Spencer, equities vice-chairman at Robert W. Baird & Co. in London. “For the moment, it’s data dependent and highly unlikely Yellen raises rates any time soon. The right place to be is in the equity market.”

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Yellen is due to discuss the outlook for the economy at 1 p.m. at the Rhode Island Convention Center as part of the Greater Providence Chamber of Commerce Economic Outlook Luncheon.

Mixed U.S. economic reports have prompted investors to push back estimates for when the Fed will begin raising rates, helping to drive equities to all-time highs. The S&P 500 is poised for its third weekly gain, the longest streak since February.

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