US futures are higher as global stocks rally. US futures have been gaining traction throughout the morning. Fed Chair Janet Yellen confirmed that she will resign from the board of governors in February when Jerome Powell becomes the new Fed Chair. With Yellen leaving, four of the seven seats will need to be filled, giving President Trump a strong influence on re-shaping the central bank. At 10am the market will get information on existing home sales for October, with expectations for another month of growth. European shares are higher despite political uncertainty in Germany. Weeks of talks to form a new government have stalled, leading to discussions of possibly holding new elections. Asian shares closed higher. Chinaâ€™s Tencent Holdings overtook Facebook as the worldâ€™s fifth largest company by market cap after a strong November move higher.