Stock Futures Point to a Rebound
NEW YORK ( TheStreet) -- Stock futures were indicating a positive open early Monday as investors took their cue from better-than-forecast retail sales data for March.
Futures for the Dow Jones Industrial Average were advancing 60 points, or 58.4 points above fair value, at 12,848. Futures for the S&P 500 were rising 5.4 points, or 4.4 points above fair value, at 1370. Futures for the Nasdaq were gaining 12 points, or 10.5 points above fair value, at 2705.
U.S. stocks finished a volatile week with a thud on Friday. An underwhelming report on economic growth in China and the predictable return of eurozone worries drove the selling.
The Commerce Department reported that retail sales increased a better-than-expected 0.8% in March, compared with a rise of 1% in February. Taking out auto purchases, sales also rose 0.8%, topping estimates, compared with an increase of 0.9% in February. Sales grew 0.7%, excluding both autos and gas.
The New York Federal Reserve's Empire State Manufacturing Survey for April was a major disappointment though, with a reading of 6.56 compared with 20.21 in March.
The National Association of Home Builders will provide a reading on the April housing market index at 10 a.m. ET.
The Commerce Department's Business Inventories data for February is also due at 10 a.m. ET. Economists are calling for a 0.6% rise, compared with a 0.7% increase in January.
London's FTSE was rising 0.7% and Germany's DAX was adding 0.8%. The Spanish 10-year government bond yield were easing off a bit after spiking above 6% spike for the first time this year.
Earlier in Asia, Japan's Nikkei Average had finished down 1.7% and Hong Kong's Hang Seng index had closed down 0.4% on Spanish debt concerns.
May oil futures were down 19 cents to $102.64 a barrel, while June gold futures were shedding $9.30 at $1,650.90 an ounce.
The benchmark 10-year Treasury was flat with the yield at 1.988%, while the U.S. dollar index up 0.2%.
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In corporate news, Citigroup (C) reported adjusted first-quarter earnings of $1.11 a share. Revenue came in at $19.4 billion, down slightly from the year-ago quarter. Excluding items, revenue was $20.217 billion.
Analysts were expecting earnings per share of $1 on revenue of $19.81 billion, according to Thomson Reuters.
Mattel(MAT) , said Monday that first-quarter net income declined 53% from year-ago levels.
The toy company posted a profit of $7.8 million, or 2 cents a share, down from year-earlier earnings of $16.6 million, or 5 cents. Adjusted earnings in the latest quarter were 6 cents a share. Revenue fell 3% to $928.4 million.
Analysts expected Mattel to post quarterly earnings of 7 cents a share on revenue of $990.9 million.