US stock futures are trading higher Wednesday as investors remain cautious about the strength of the economy and ahead of Fed Chairman Bernanke’s testimony before Congress. Investors will be looking for signs in Bernanke’s remarks about the outlook for interest rates and the economy. The Commerce Department is giving a report on new home sales at 10 AM ET. Economists expect the Commerce Department to show that new home sales rose 5.3% in January to a seasonally adjusted annual rate of 360000 units. Garmin (NASDAQ:GRMN) reported Q4 EPS of $1.43, ex-items, trumping consensus estimates of $0.95. Revenues for the quarter rose 1% year-over-year to $1.06 billion, besting consensus estimates of $955.6 million. Frontier Communications (NYSE:FTR) reported fiscal Q4 EPS of 15 cents, ex-items, inline with the consensus estimates. Revenues for the quarter fell 4.8% year-over-year to $521.0 million, missing the consensus estimates of $522.2 million. The Dow Jones Industrial Average (DJI) futures are trading 16.00 points above fair value, the S&P500 (INX) futures are trading 1.40 points above fair value, and the Nasdaq Composite (IXIC) futures are trading 6.00 above fair value.

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