Stock futures remained higher on Tuesday as U.S. retail sales accelerated in October faster than analysts had forecast.
S&P 500 futures were up 0.14%, Dow Jones Industrial Average futures added 0.06%, and Nasdaq futures gained 0.14%. The Dow was on track to rise for the seventh session in a row.
Retail sales climbed at a faster-than-expected pace in October as consumer appetite continued to drive the bulk of economic improvement. Retail sales last month rose by 0.8%, higher than 0.6% in September and a 0.6% growth rate analysts anticipated. Excluding gas and autos, sales increased 0.6%, double consensus estimates.
Import and export prices in the U.S. both climbed higher than expected in October. Import prices increased 0.5% last month, according to the Bureau of Labor Statistics, higher than an expected 0.4% increase. Export prices increased 0.2%, above consensus of 0.1% growth.
Manufacturing conditions improved in the New York area in November, according to the Empire State Manufacturing Survey. The measure increased 8.3 points to 1.5, a positive reading for the first time in four months. New orders and shipments increased, while inventories fell to a multiyear low. Analysts expected the index to remain below zero.
The Dow closed at new records on Thursday, Friday and Monday in reaction to Donald Trump's presidential win. Financials and pharmaceutical companies, in particular, got a boost from the unexpected victory on hopes of decreased regulation. Market gains are also common at the tail-end of election years as uncertainty eases and investors shift back to market fundamentals.