U.S. stock-index futures reduced their gains on Tuesday as prepared testimony from Federal Reserve Chair Janet Yellen had Ben Bernanke's replacement stressing continuity in the central bank's approach to monetary policy.
"Bottom line, 'continuity' is what she said in her statement and that seems to be exactly what we got as her testimony was very similar to the last FOMC statement," Peter Boockvar, chief market analyst at the Lindsey Group, wrote in emailed research.
"We await the Q&A," he added.
Prepared remarks from Yellen – who took over from Ben Bernanke a little more than a week ago – were released ahead of her formal semi-annual policy report, expected at 10 a.m. Eastern, and comes on the heel of two weak monthly jobs reports in a row and a spate of market volatility largely tied to uncertainty in emerging markets.
(Read more: Tuesday's trade will be all about Janet Yellen)