Stock Futures Pare Losses After Retail Sales Number
NEW YORK ( TheStreet) -- Stock futures were paring losses Monday after a rise in an April retail sales report, pointing to positive trends in U.S. growth.
Futures for the S&P 500 were off 2.25 points, or 3.15 points below fair value, to 1,627.25.
The Census Bureau reported Monday that retail sales rose 0.1% in April after falling by a revised 0.5% in March. Excluding autos, retail sales fell 0.1% after dipping 0.4%. Economists, on average, were expecting retail sales to fall 0.3% in April, and excluding autos, to dip 0.1%.
Business inventories are forecast to have increased 0.3% in March after rising 0.1% in February. The Census Bureau releases this data at 10 a.m. EDT.
Data from the world's second-largest economy was also weighing on sentiment, with China's April industrial output report rising only mildly and disappointing expectations. The modest increase in April retail sales also added to worries about a feeble economic recovery in China. The country also reported that its fixed-asset investment unexpectedly decelerated in April.
"This set of data still suggests a painfully slow mend of China's growth momentum," Yao Wei, a Hong Kong-based economist with Societe Generale SA, wrote in a report.
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Futures for the Dow Jones Industrial Average were falling 17 points, or 25.49 points below fair value, to 15,051. Futures for the Nasdaq were down 4 points, or 5.92 points below fair value, to 2,971.5.
The Hong Kong Hang Seng Index finished down 1.42% Monday. The Nikkei 225 in Japan closed up 1.2%. The FTSE 100 in the UK was falling 0.27% and the DAX in Germany was down 0.64%.
June gold futures were down $9.40 to $1,427.20 an ounce. June oil futures were sliding $1.15 to $94.89 a barrel.
The benchmark 10-year Treasury was rising 2/32, diluting the yield to 1.897%. The dollar was up 0.04% to $83.18 according to the U.S. dollar index.