US markets flat ahead of Yellen speech

US markets opened cautiously ahead of today's Monetary Policy Report from the Fed, due at 3pm (GMT), marking an end to the recent rally.

In economic news, the Bureau of Labor Statistics confirmed that producer prices increased by 0.6% in January, almost twice the level many experts had predicted.

Shortly after the open, the Dow was down 4.85 points at 20,407.31, the S&P 500 fell 1.85 points to 2,326.40, while the Nasdaq lost 7.42 points at 5,756.54.

Early risers on the Dow included Home Depot, Visa and McDonald's, while Caterpillar was down by over 1%.

At 2:55pm (GMT), WTI crude was 1.21% higher at $53.57/bbl and Brent was up 1.35% at $56.34/bbl. Gold was also firmer, trading around $1,232/oz.