Stock Market Story: Retail Sales Not So Good

NEW YORK (TheStreet) -- Stock futures were giving back some gains Wednesday after a weaker-than-expected retail sales report. They continued to point strongly to a higher open on Wall Street after a short-term period of consolidation as investors shook off geopolitical jitters.

S&P 500 (SPY) futures were rising 6.75 points, or 7.75 points above fair value, to 1,937.25. Dow Jones Industrial Average (DIA) futures were advancing 47 points, or 53.46 points above fair value, to 16,566, while Nasdaq (QQQ) futures were up 14.8 points, or 16.48 points above fair value, to 3,918.3.

U.S. retail sales came in lower than the consensus, unchanged in July and up 0.1% excluding autos, the Census Bureau reported ahead of the bell. The flat reading was mainly attributable to drops in autos, furniture, electronics, general merchandise and non-store retailers.

June business inventory levels will be released at 10 a.m. The Census Bureau is expected to report a retail sales increase for the sixth straight month and a 0.4% rise in business inventories.

Also, New York Federal Reserve Bank President William Dudley and the dovish Boston Fed President Eric Rosengren will both be speaking at a wholesale funding risks workshop in New York Wednesday morning.

In individual stock news, King Digital (KING), maker of the addictive Candy Crush video game, reported weaker second-quarter revenue than analysts expected. Gross bookings fell by $30 million, or 5%. Earnings per share were 59 cents on revenue of $594 million, short of the expected $608 million. King shares were plummeting 21.32% to $14.32 in premarket trading.

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