Futures Market News
Bounce in retail sales fails to move the needle on stock index futures
Sep 14, 2010 08:17 AM
Despite an increase in sales at U.S. retailers in August - the second increase in two consecutive months - stock index futures were stagnant on Tuesday morning.
Consumers increased their purchases by 0.4 percent, following a 0.3 rise in July. Many feared that the back-to-school shopping season would disappoint, but purchases excluding auto sales rose by 0.6 percent.
"It's reassuring," Michael Feroli, the chief U.S. economist at JPMorgan Chase in New York, told Bloomberg News. "It takes out some of the fears we had about a month ago about the economy maybe slipping into recession. If the labor market picks up, it's sustainable."
Dow Jones Industrial Average index futures were down by 12 points at 8:46 a.m. EST, while S&P 500 index futures lost 2.4 points to 1,113.80. Nasdaq 100 index futures slipped 4.5 points to 1,912.25.
In Europe, futures were mixed - Dow Jones Euro Stoxx 50 futures slipped 5 points to 2,802 at 8:41 a.m. EST, while Germany's DAX futures rose a single point to 6,265.
Mexican Bolsa index futures remained flat, while Brazilian Bovespa index futures rose 33 points to 68,620.
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