The Dow Jones Industrial and the S&P 500 are now being called to open higher by 0.5% on average, with the Nasdaq-100 lagging a bit behind. This ahead of Fed chairman Ben Bernanke´s congressional testimony this afternoon and against a backdrop of rising energy quotes. The latter can be explained, in part, by speculation regarding US monetary policy but also after remarks from US Vice-President Hillary Clinton on Iran.

That following what at first glance seen to be better than expected results out from several US heavyweights, such as Goldman Sachs, Coca-Cola or Johnson&Johnson.

Mattel is also expected to outperform after announcing that it will double its dividend.

Intel will publish results after the close.

US industrial production grew by 0.4% month-on-month in June.

Capacity in use however came in at 78.9% (Consensus: 79.2%).

Consumer prices on the other hand have come in slightly ahead of expectations, with a 1.7% year-on-year gain (Consensus: 1.6%).

Front month West Texas crude futures are now 0.69 higher at $89.04/barrel on the NYMEX.

10 year US Treasuries are up 3/32 dollars, with yields at 1.48%.

Lastly, Barclays believes yields may drop to 1.25% in quarter three.

AB