US markets look set to open higher today ahead of the key ISM manufacturing survey that is expected to paint an upbeat picture of growth in the sector. Non-ISM manufacturing is released later in the week. Futures suggest the S&P500 will open 2 points higher at 1,874 with the Dow Jones expected to open 22 points higher 16,479. ISM Manufacturing PMI is expected to improve to 54.2 up from 53.2 while the final manufacturing PMI is expected to uptick to 55.9 up from 55.5 in the flash estimate. The flash PMI showed a bigger drop than forecast, however the Philadelphia fed’s business outlook survey was much stronger than expected. The slight uptick in the ISM survey expected probably makes sense in the context of the previous surveys and will complement the huge surge in consumer confidence seen for February. A surprisingly bearish Janet Yellen sent the S&P and Dow Jones soaring into 1,875 and 16,450 respectively yesterday, both levels have been sticky and a higher close today would likely be the highest in two weeks. She said that “extraordinary commitment” from the Fed “is still needed, and will be for some time.” Yellen appears to have chosen to emphasise the weak labour conditions seen currently rather than focusing on the improvements expected in the future as she did in the FOMC press conference. This is quite the change of tone and markets could likely soon be forgetting all about “6 months” for a rate-rise. US 2-year yields dipped on the news yesterday while the 10-yr remained unchanged reflecting a change in rate expectations but little change in expected inflation. Twitter may be in play again today following news of its purchase of SecondSync, a TV-analytics social media company. Johnson & Johnson hit 52 week highs yesterday close to the psychological $100 price tag after news Carlyle Group will buy it’s Ortho-Clinical diagnostics business. General Motors and Ford Motor Co report auto sales for March. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.