U.S. futures slip lower as focus turns to Bernanke; Dow Jones down 0.16%

U.S. stock futures pointed to a lower open on Wednesday, as markets were jittery ahead of Federal Reserve Chairman Ben Bernanke's testimony to Congress later in the day. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.16% fall, S&P 500 futures signaled a 0.14% loss, while the Nasdaq 100 futures indicated a 0.01% dip. 

Market participants were eyeing Bernanke's testimony on monetary policy amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.

Stocks rallied last week after Bernanke said the U.S. economy still needed monetary stimulus. 

Bernanke was expected to reiterate that the bank could start scaling back its asset purchase program by the end of this year if the economy continues to pick up, but interest rates will remain at record lows for the foreseeable future. 

Tech stocks were expected to be active, amid reports Apple is developing ad-skipping technology that would let owners of its Apple TV set-top box and future television devices watch shows without commercials. 

Internet-related stocks were also likely to be in focus, as Google was said to be holding discussions with media companies to introduce its own online-television service. 

According to Bloomberg, the product would offer viewers television packages that bypass cable subscriptions. Google shares were still down 0.15% in after-hour trade. 

Yahoo was also down in extended trading, sliding 0.30%, after giving a revenue forecast of USD1.06 to USD1.1 billion in the current quarter, falling short of analysts’ estimates. 

In company news, Apollo Global Management decided to sell its remaining shares in Realogy Holdings, exiting its investment in the residential brokerage company. 

Other stocks expected to be in focus included Bank of America, Bank of NY Mellon, Northern Trust, PNC Financial U.S. Bancorp, Abbott Laboratories and Mattel, all scheduled to report second quarter earnings later in the day. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 0.42%, France’s CAC 40 slid 0.38%, Germany's DAX retreated 0.47%, while Britain's FTSE 100 shed 0.40%. 

During the Asian trading session, Hong Kong's Hang Seng Index added 0.28%, while Japan’s Nikkei 225 Index edged up 0.11%. 

Later in the day, the U.S. was to release official data on building permits and housing starts.