Stock futures rise as Putin reportedly ready to discuss Ukraine

Stock futures have turned modestly higher on reports Putin was willing to discuss a way out of the Ukraine crisis with regional leaders; Dow +0.3%, S&P and Nasdaq +0.2%.

Futures held gains after the U.S. reported a 1.7% drop in Q1 productivity vs. estimates calling for a 1.1% drop.

European bourses are mostly higher, while the Nikkei's 2.9% drop led Asian markets lower.

Janet Yellen is scheduled to begin her testimony before the Joint Economic Committee at 10 a.m.; investors will be focused on the Q&A period for any signs the Fed may be changing its dovish strategy.

Treasurys trade in a tight range, with the 10-year benchmark +1.5 bps at 2.61%.

Still ahead: EIA petroleum inventories.

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