08:16 AM EST, 03/04/2024 (MT Newswires) -- US equity futures were declining pre-bell Monday as traders looked ahead to Federal Reserve Chair Jerome Powell's semi-annual monetary policy testimony in Capitol Hill later in the week.

Dow Jones Industrial Average futures slipped 0.3%, S&P 500 futures declined almost 0.2%, and Nasdaq futures were marginally down.

Powell is scheduled to appear before the House Financial Services Committee on Wednesday and before the Senate Banking Committee on Thursday.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.2% and US West Texas Intermediate crude down 0.4%, reversing from earlier gains after the Organization of the Petroleum Exporting Countries and their allied producers agreed to extend output cuts through June.