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Wall Street on edge after Yellen, housing data in focus

U.S. stock index futures signaled a flat open on Wednesday as investors digested comments from Federal Reserve Chair Janet Yellen's speech to Congress which hinted that the central bank was not in a rush to hike interest rates.

Yellen is set to continue her testimony on Wednesday in front of the House Financial Services Committee, as new home sales figures for January are due, both at 10.00 a.m. ET.

Mortgage applications to purchase a home rose 5 percent on a seasonally adjusted basis for the week ending Feb. 20 from the previous week, according to the Mortgage Bankers Association (MBA).

Read MoreAfter Yellen, investor eyes shift to housing

Construction crews work on new town homes in Erie, Colorado.
RJ Sangosti | The Denver Post | Getty Images
Construction crews work on new town homes in Erie, Colorado.

Existing home sales for January reported on Monday slumped to the lowest level in nine months amid a shortage of properties in the market.

On Tuesday, the S&P/Case-Shiller composite index of home prices in 20 cities increased by a greater-than-expected 4.5 percent in December from the same period last year.

Investors will also watch oil inventories at 10:30 a.m. ET from the U.S. Energy Information Administration for signals on supply build-up.

Target posted earnings and revenue that topped Wall Street expectations Wednesday, sending shares higher in premarket trading.

Campbell Soup matched estimates with adjusted quarterly profit of 66 cents per share, while revenue was above analyst forecasts. The company did say its gross margins were disappointing and below its expectations.

Dollar Tree earned an adjusted $1.16 per share for its latest quarter, beating estimates by 1 cent, with revenue also above consensus. Comparable store sales were up 5.6 percent during the quarter.

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Lowe's posted quarterly earnings and revenue that topped Wall Street expectations Wednesday, sending shares higher in premarket trading.

The company posted earnings of 46 cents a share on revenue of $12.54 billion.

Avago Technologies, Victoria's Secret and Bath & Body Works owner L Brands, Salesforce.com and Workday are all due after the bell.

European equities were lower on Wednesday as investors focused on a slew of corporate earnings and a second day of testimony by Yellen.

U.S. stocks climbed to new records amid Yellen's remarks to the Senate Banking, Housing and Urban Affairs Committee on Tuesday

CNBC.com contributed to this report