Last updated February 24th, 2009 6:50 AM ET---U.S. stock futures are trading higher ahead of Fed Chairman Ben Bernanke's testimony before the Senate Banking Committee in Washington. Late Monday evening JP Morgan (NYSE:JPM) cut its quarterly dividend by 87% to 5 cents, which according to CEO Dimon, will save $5 billion per year. Spansion (NASDAQ:SPSN) announced 3,000 job cuts and Micron (NYSE:MU) said it plans to cut 2,000 jobs. Economic data due out today includes December house price index from S&P/Case-Shiller as well as consumer confidence for the February period. Earnings results are due out from H.J. Heinz Company (NYSE:HNZ), Healthsouth (NYSE:HLS), Home Depot (NYSE:HD), Macy's (NYSE:M), Office Depot (NYSE:ODP), RadioShack (NYSE:RSH), Target (NYSE:TGT) and Wynn Resorts (NASDAQ:WYNN). At the time of this report, S&P futures are up 6.30, Nasdaq futures are up 8.00 and Dow futures are up 61.00.

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