us stock futures were a touch firmer on tuesday though trading was muted ahead of testimony by federal reserve chairman jerome powell on monday the dow jones industrial average djia rose 40 points or 012 to 33431 the sp 500 spx increased 3 points or 007 to 4048 and the nasdaq composite comp dropped 13 points or 011 to 11676 markets remain focused on the prospects for monetary policy and consequently trading is muted ahead of powell’s testimony to the senate on tuesday due to commence at 10 am eastern powell will also be quizzed by the house on wednesday ahead of the always eagerly awaited official jobs data on friday “investors are largely unwilling to take the plunge ahead of two vital indicators…with most markets treading water in the meantime” said richard hunter head of markets at interactive investor “federal reserve chairman powell’s congressional testimony and the nonfarm payrolls report are the undoubted highlights of the week taken together the two events will provide the latest update on the immediate past present and future of the world’s largest economy and will be crucial in determining market sentiment” hunter added the sp 500 sits near the middle of the 3800 to 4200 range within which it has meandered for about four months with equity investors seemingly able to absorb a recent lurch upwards in bond yields tmubmusd10y  which has come after a spate of data showing a resilient economy which may force the fed to keep borrowing costs higher for longer however some analysts are wary that the market is still vulnerable to any confirmation that interest rates may have to rise at a faster pace than hoped “for the most part fed speak recently has been chiefly hawkish there has been no significant deviation from the 25bps path yet but any such material twist would likely boost the usd higher and risk sentiment significantly lower” said stephen innes managing partner at spi asset management meanwhile sticking to the ‘higherforlonger’ but in 25bps increments it would help keep rates volatility contained and risk markets relatively supported” innes added us economic updates set for release on tuesday include january wholesale inventories at 10 am and january consumer credit at 3 pm