US markets look set to open higher today after Janet Yellen was able to effectively walk the tightrope of forecasting an improving US economy while saying a ‘high degree of accommodation is still needed’ in monetary policy. Today will be the second day of testimony from the Fed Chair, this time in front of the Senate Budget Committee. Futures suggest the S&P500 will open 1 point higher at 1,879 with the Dow Jones expected to open 16 points higher at 16,534. The main point of focus in Janet Yellen’s speech yesterday was any timetable for a rise in interest rates and this is likely to be the case again today. Yesterday the Fed Chair was very purposeful in not repeating the “six months” comment from her first testimony, although it’s clear to see from the ‘dot chart’ that is still quite feasible. Altogether stock markets are taking no news as good news. Unemployment claims saw a large jump in the last reading to 344k, this is expected to recede to 328k in the release today, but in the context of the massive beat of expectations by the NFP last Friday this number should prove fairly inconsequential. Media companies are in focus for US earnings release today. As a whole the industry is fighting back against alternative sources of news and entertainment emanating from the internet. Those with the best innovations that somehow incorporate new media into the old are the ones that have the best chance of survivorship. News Corporation is expected to show earnings of $0.03 per share on revenue of $2.07bn. CBS is expected to have earned $0.75 per share for the quarter. Dish Network will be reporting earnings with $0.43 per share expected on revenue of $3.58bn. Cablevision Systems is expected to report earnings at $0.03 per share on revenue of $1.56bn