Stock Futures Inch Higher as Retail Sales Jump
U.S. stock futures turned slightly higher on Friday on a rush of banking earnings and after U.S. retail sales jumped in June.
S&P 500 futures were up 0.19%, Dow Jones Industrial Average futures gained 0.17%, and Nasdaq futures added 0.13%.
U.S. retail sales increased in June as consumers showed more confidence in spending than saving. Sales rose 0.6% last month, driven by big gains at home-improvement and garden retailers. Sales at stores such as Home Depot (HD) - Get Report enjoyed their largest monthly gain in six years. Economists had expected sales to inch 0.1% higher. The consumer has grown more willing to part with cash on signs the U.S. economy is on the mend.
The Consumer Price Index in June rose 0.2%, in line with estimates.
Wells Fargo (WFC) - Get Report reported an in-line second-quarter with adjusted earnings of $1.01 a share. Revenue climbed nearly 4% to $22.16 billion, as analysts expected.
Citigroup (C) - Get Report moved higher in premarket trading after topping estimates in its second quarter. The bank earned $1.24 a share, 14 cents higher than expected. Revenue sank 10% to $17.55 billion, though came in $80 million above forecasts.
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U.S. Bancorp (UBS) - Get Report rose more than 2% in premarket trading after exceeding expectations in its recent quarter. The bank reported net income of 83 cents a share, 3 cents higher than a year earlier. Revenue climbed just more than 8% to $5.45 billion.
Manufacturing conditions in the New York region softened in July, according to the Empire State Manufacturing Survey. The general business conditions index declined to 0.6 in July from 6 in June, potentially weakened by the impact of the Brexit vote late June.
At least 84 people were killed in Nice, France overnight after a heavy truck tore through crowds celebrating Bastille Day. The attacker was shot dead by officers after engaging in gunfire. French President Francois Hollande called the attack terrorism and has called for three days of mourning beginning on Saturday.
In light of the attack, Republican presidential candidate Donald Trump delayed an event on Friday in which he was expected to announce his vice presidential pick.
European markets were lower. The CAC 40 in France fell 0.77%, the DAX in Germany slid 0.71%, and the FTSE 100 in London slipped 0.37%.
Travel stocks were declining on the expectation terrorism fears would impede demand. U.S. airlines including Delta (DAL) - Get Report , United Continental (UAL) - Get Report , and JetBlue (JBLU) - Get Report were each lower in premarket trading. Cruise operator Carnival (CCL) - Get Report was also lower.
The S&P 500 closed out Thursday's session with its fourth record close in a row as hopes for global monetary stimulus kept hopes high on Wall Street. The benchmark index gained 0.52%, securing a record close of 2,164. The Dow scored a record close for its third day in a row, climbing 0.73% to 18,506.
Herbalife (HLF) - Get Report surged before the bell on reports it has settled with the Federal Trade Commission with just a $200 million fine. The FTC determined the health company is not a pyramid scheme.
Xerox (XRX) - Get Report reportedly has rejected a bid to merge its document-printing business with R.R. Donnelley & Sons (RRD) - Get Report . The Xerox board reviewed the proposal and decided its plan to separate into two companies by year's end held less risk.