US Stock Futures Move Up While Awaiting Data On Retail Sales And Consumer Sentiment
US stock futures advanced today, indicating that the Standard & Poor’s 500 Index will continue to move up on its a 17-month high path. While futures on the S&P 500 expiring in March gained 0.1% to 1,147.4 as of 11:57 am in London, those on the Dow Jones Industrial Average moved up 0.1% to 10,561. The Nasdaq-100 Index futures inched up less than 0.1% to 1,923.
Investors around the world are awaiting data on the US monthly retail sales and the Reuters/University of Michigan consumer sentiment index for March. Analysts expect a 0.2% decline in sales, as compared to a 0.5% rise in January. Excluding automobiles, sales are expected to rise 0.1%, as compared to a 0.6% rise the prior month.
Lena Komileva, head of Group of Seven market economics at Tullett Prebon, said, "The figures are likely to be distorted by the snowstorms and core sales excluding gasoline and autos are expected to slow versus January, but anecdotal retailer evidence suggests that activity may have held up better than feared."
On the economic front, a Wall Street Journal report indicated that President Obama may nominate San Francisco Fed President Janet Yellen as vice chairman of the Federal Reserve. Yellen has strongly supported Fed Chairman Ben Bernanke's low-interest-rate policy.
Japan's Nikkei average closed at its highest level in seven weeks today. The market was driven by exporters who received a boost as speculations centered around the possible weakening of the yen if the Bank of Japan initiates steps to ease the monetary policy next week. Meanwhile, European stocks inched up in early trade, driven by banks such as Royal Bank of Scotland (NYSE: RBS) and Credit Suisse (NYSE: CS).
Read more from Benzinga's Markets.
