Stock futures were little changed in early morning trading on Wednesday ahead of earnings reports from big-box retailers Target and Lowe’s.
Futures on the Dow Jones Industrial Average slipped by 7 points. S&P 500 futures and Nasdaq 100 futures were little changed.
The moves in futures trading come after fresh economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.
The Dow added 54.77 points, or 0.15%. The S&P 500 gained 0.39% and the Nasdaq Composite rose 0.76%.
Retail sales rose 1.7% in October, the Commerce Department reported Tuesday, faster than economists expected. The figure measures how much consumers spend on goods across a number of categories.
Strong quarterly results from Home Depot also boosted investor sentiment Tuesday. The home improvement retailer led gainers on the Dow after earnings topped analyst estimates. Walmart also reported better-than-expected results, though its shares declined.
“US stocks rallied after an impressive retail sales report, solid industrial production data, and retail earnings showed the consumer is handling the current pricing increases. All signs are pointing to a very strong holiday season for retailers and that should help keep sending stocks higher,” Edward Moya, senior market analyst at Oanda, said in a Tuesday note.
Investors await more retail earnings Wednesday from Target, Lowe’s, TJX, Bath & Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.
Leave a Reply