Futures are rallying

Futures are rebounding on Wednesday morning ahead of Janet Yellen’s semi-annual testimony on Capitol Hill.

Near 7:10 a.m. ET, Dow futures were up 120 points, S&P 500 futures were up 83 points (1%), and Nasdaq futures were up 54 points (1.03%).

We saw some pretty intense selling in recent days as stocks had the worst two-day sell-off since August on Friday and Monday, and then seesawed for much of Tuesday.

At the same time, banking stocks in Europe were rebounding sharply, with Deutsche Bank shares up by as much as 15% in midday trading. Earlier in the week, the shares fell as concern about the bank’s ability to meet its credit obligations grew. CEO John Cryan said the bank was “rock-solid” afterwards.

Crude oil prices were also green, after a brutal sell-off on Tuesday that took futures to the lowest levels in about three weeks. West Texas Intermediate crude futures in New York rose 2% to as high as $28.73 early Wednesday.

The focus today is Fed chair Janet Yellen, who will begin her semi-annual testimony before Congress. She’ll deliver prepared remarks, out at 8:30 a.m. ET, to the House Committee on Financial Services, before taking questions. You can check out our full preview of the testimony here.

Other than that, it’s rather quiet on the data calendar today. Weekly crude oil inventories will cross at 10:30 a.m. ET, and the monthly budget statement at 2 p.m.

More to come …

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