Stock Futures Slip After Retail Sales Miss

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures fell slightly into negative territory in May as traders eyed disappointing retail sales data.

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As of 8:43 a.m. ET, Dow Jones Industrial Average futures fell 4 points, or 0.03%, to 16850, S&P 500 futures declined 0.75 point, or 0.04%, to 1943 and Nasdaq 100 futures dipped 2.3 points, or 0.06%, to 3796.

After days of essentially straight-up action, Wall Street pulled back somewhat on Wednesday. The worst losses were actually taken by the narrow Dow, as several heavyweights skidded into the red.

The Commerce Department reported retail sales rose 0.3% in May, below the 0.6% increase Wall Street expected. Excluding the auto component, sales rose 0.1%, missing the 0.4% rise anticipated.

The Labor Department said prices for imported goods rose 0.1% in May, a shallower increase than the 0.2% Wall Street anticipated. Export prices rose by the same margin in May, matching economists’ expectations.

A separate report from Labor showed the number of Americans filing for first-time unemployment benefits rose last week to 317,000 from an upwardly revised 313,000 the week prior. Wall Street expected claims to fall to 310,000 from an initially reported 312,000.

Elsewhere, U.S. crude oil futures jumped $1.75, or 1.7%, to $106.15 a barrel. Wholesale New York Harbor gasoline rose 1.6% to $106.15 a barrel. Gold climbed $3.10, or 0.25%, to $1,264 a troy ounce.

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