Futures extend rally ahead of retail sales data

FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York, United States, March 19, 2021. REUTERS / Brendan McDermid / File Photo

(Reuters) – U.S. stock index futures strengthened on Friday at the end of a volatile week marked by concerns about rising inflation and a subsequent tightening of monetary policy, as investors waited for the retail sales data.

Retail sales are expected to rise 1% in April after jumping 9.8% in March, as data at 8:30 a.m. ET show. Data on industrial production and consumer sentiment will also be released later today.

The Dow Jones and S&P 500 are expected to experience their biggest weekly decline since January after stronger-than-expected inflation data, signs of labor shortages and higher commodity prices this week raised prices. bets that the Federal Reserve should raise interest rates sooner than expected.

The three major US stock indexes broke a three-day losing streak Thursday after better-than-expected weekly unemployment data.

Signing that life is returning to normal, revised guidelines from the U.S. Centers for Disease Control and Prevention indicate that fully vaccinated people do not need to wear masks outside and can avoid wearing them outside. indoor in most places.

At 6:28 a.m. ET, Dow e-minis were up 150 points, or 0.44%, S&P 500 e-minis, 26 points, or 0.63%, and e-minis of Nasdaq 100, 141.5 points, or 1.08%.

Large-cap growth stocks, which were beaten this week over concerns about their high valuations, led early trading gains with Apple Inc, Amazon.com Inc and Microsoft Corp gaining around 1% each and Tesla Inc adding about 3%.

Disappointing subscriber additions for Walt Disney Co’s streaming service of the same name overshadowed better-than-expected overall earnings, pushing shares of the entertainment company down 3.8%.

Report by Medha Singh in Bengaluru; Edited by Shounak Dasgupta

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