08:19 AM EST, 03/07/2024 (MT Newswires) -- US equity futures were cautiously higher Thursday ahead of a slate of economic data and the second day of Federal Reserve Chair Jerome Powell's monetary policy testimony before the US Congress.

Dow Jones Industrial Average futures gained 0.1%, S&P 500 futures increased 0.2%, and Nasdaq futures rose 0.4%.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.8% and US West Texas Intermediate crude down 0.8%, after official data showed a 1.367 million-barrel weekly increase in US crude stockpiles.

The US trade deficit, scheduled for release at 8:30 am ET, is seen widening to $63.4 billion in January from $62.2 billion in December. New unemployment claims are expected to rise by 2,000 to 217,000 for the week ended March 2. Forecasters see a downward revision in Q4 nonfarm productivity to 3.1% in the second estimate from 3.2% in the first estimate, while unit labor costs are now expected to have risen 0.7% in Q4 versus 0.5% gain previously.

Powell is scheduled to appear before the Senate Banking Committee at 10 am ET.