Futures higher as Yellen soothes nerves over rates

[March 30, 2016]  By Yashaswini Swamynathan

(Reuters) - U.S. stock index futures were higher on Wednesday, a day after comments by Federal Reserve Chair Janet Yellen allayed concerns that the central bank would take an aggressive approach to raising interest rates this year.

* Yellen, who made her first remarks since the Fed's meeting earlier this month, said inflation in the United States had not yet reached sustainable levels amid risks posed by uncertainty about China's economy and low oil prices.

* Yellen's stance contrasts with recent comments from other policymakers who have voiced support for more than one increase this year.

* Global markets cheered Yellen's comments, which suggested that a rate hike was not immediately on the horizon. The dollar fell more than a percent, while bond prices rallied.

* Wall Street rose on Tuesday, with the S&P 500 <.SPX> moving back in to positive territory and closing at its highest level for the year.

* Crude oil rose more than 1 percent on the weaker dollar and a report showed a less-than-expected build in U.S. crude stockpiles last week. [O/R]

* Data due at 8:15 a.m. ET by payrolls processor ADP is expected to show the U.S. private sector added 194,000 jobs in March, compared with 214,000 in February. The report serves as a precursor to the more comprehensive nonfarm payrolls data on Friday.

* Lululemon shares were up 2.9 percent at $63 premarket after the Canadian yogawear retailer reported higher-than-expected quarterly net profit.

* Wynn Resorts was up 2.2 percent at $96.21 after J.P. Morgan raised its price target on the stock.

* Apple  was up 1 percent at $108.80 after Cowen raised its rating on the stock to "outperform".

Futures snapshot at 6:59 a.m. ET:

* Dow e-minis  were up 97 points, or 0.55 percent, with 22,257 contracts changing hands.

* S&P 500 e-minis  were up 11.75 points, or 0.57 percent, with 171,030 contracts traded.

* Nasdaq 100 e-minis were up 31 points, or 0.7 percent, on volume of 24,350 contracts.

(Reporting by Yashaswini Swamynathan and Abhiram Nandakumar; Editing by Saumyadeb Chakrabarty)

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