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Market Hustle: Stock Futures Pare Gains After Weak U.S. Retail Sales

NEW YORK (TheStreet) -- Stock futures were paring gains Tuesday after poor retail sales but remained buoyed by a record close for the Dow Jones Industrial Average and S&P 500 on Monday.

Futures for the Dow were rising 29.53 over fair value to 16,677.0 while futures for the S&P 500 were up 2.30 over fair value to 1,894.45. Nasdaq futures were up 6.12 over fair value to 3,614.0.

  • April retail sales rose 0.1% from the prior month, short of expectations for a 0.4% increase. U.S. import prices fell 0.4% in April after a 0.4% advance in March.
  • In stock news, Pfizer (PFE) indicated it was open to changing the structure and terms of its proposed $106 billion takeover of AstraZeneca (AZN) but that it would remain "disciplined on price." The chief executives of both companies are set to appear before a U.K. parliamentary hearing to discuss the deal.
  • The European Union's highest court ruled on Tuesday that individuals can ask Google (GOOG) to remove links to documents in search results for their names, centering on the right "to be forgotten." Google said the decision was disappointing and that it would analyze the implications.
  • Other shares expected to see price action include Elizabeth Arden  (RDEN), Take-Two Interactive Software (TTWO) and Fossil Group  (FSL). Elizabeth Arden posted a fiscal third-quarter loss of 84 cents a share after Monday's close, falling short of expectations that it would break even. Take-Two Interactive is projected to report fiscal-fourth-quarter earnings of 11 cents a share while Fossil Group is slated to post first-quarter earnings of $1.18 a share on Tuesday.
  • China released April retail sales and industrial output, both of which were slightly below expectations. Industrial production slowed to 8.7% in April from a year earlier after rising 8.8% in March, while retail-sales growth slipped to 11.9% from 12.2% over the same period for the world's second-largest economy.
  • Investor confidence in Germany fell for a fifth consecutive month during May to its lowest level in more than a year. The ZEW institute said Tuesday that economic expectations for Europe's largest economy dropped to 33.1 down from 43.2 in April. Expectations were for a result of 40 points.
  • In international markets, the FTSE was up 0.11% while Germany's DAX was rising 0.68%. The Hang Seng closed 0.41% higher while the Nikkei jumped 1.95%. 
  • The Dow and S&P 500 closed at record highs on Monday amid Chinese capital markets reforms and a mostly peaceful weekend vote in Ukraine.

-- By Jane Searle in New York 

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