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.