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Futures Tread Water; Bernanke to Testify

US stock index futures pointed to a flat open for Wall Street before Fed chairman Ben Bernanke's semi-annual report on monetary policy and the economy at 10 am New York time.

Bernanke's words are likely to influence whether the stock market can recover from yesterday's selloff, with the Nasdaq and the S&P 500 posting their biggest one-day losses since February 4. The Dow's nearly 101 point drop was its biggest since February 8.

European shares fell, with banks leading the worst performers, while Asian shares ended the session lower.

While Bernanke will talk about the economy, Toyota CEO Akio Toyoda will be talking to a different set of lawmakers about the automaker's recent recall troubles. It's the second consecutive day of grilling for Toyota executives, with Toyota USA chief Jim Lentz answering questions for two hours Tuesday.

Just one major economic report is on the calendar, with new home sales for January set for release at 10 am. Economists expect a 3.8 percent increase for the month, following a 7.6 percent drop in December. The Mortgage Bankers Association releases its weekly report on mortgage applications at 7 am.

The Treasury will auction $42 billion in 5-year notes today, with the results, as usual, available shortly after 1 pm.

President Obama will address the Business Roundtable at 1 pm, trying to gather support for his various initiatives. That follows a White House dinner last night with a number of prominent CEOs, including JPMorgan's Jamie Damon, GE's Jeff Immelt, and Verizon's Ivan Seidenberg.

Toyota isn't the only automaker with recalls in the news: Hyundai Motor has announced it will recall 47,000 of its new Sonata sedans to fix faulty door latches.

EU regulators begin a preliminary antitrust probe into Google , involving the way it deals with advertising partners and ranks search results.

- Written by Peter Schacknow, Senior Producer, CNBC Breaking News Desk.