Stock futures climb on rebound in retail sales
The gain is stronger than expected in July. The June figure is downwardly revised. The producer price index increases. Home Depot shares rise in premarket trading after the company raises its full-year earnings outlook.
By Andrea Tse
Stock futures were pointing to a higher Wall Street open Tuesday after a stronger-than-expected rebound in U.S. retail sales and as investors experienced a degree of relief after looking at the latest eurozone gross domestic product numbers.
Futures for the Dow Jones Industrial Average ($INDU) were up by 42 points at 13,179. S&P 500 ($INX) futures were up by 4.1 points at 1,407. Futures for the Nasdaq ($COMPX) 100 were rising by 11.75 points to 2,740.
The Commerce Department reported that retail sales rebounded in July, rising a better-than-expected 0.8% in July after falling by a downwardly revised a fall of 0.7% in June. Economists surveyed by Reuters thought that retail sales rebounded by 0.3% in July. Excluding the automobile sales, retail sales rose 0.8% in July after being down 0.8% in June.
Simultaneously, the Labor Department said that the producer price index rose 0.3% in July after rising 0.1% in June. The Producer Price Index was predicted to have risen 0.2%. Excluding the food and energy components, the PPI was up 0.4% in July after being up 0.2% in June.
“While both were firmer than expected, it's retail sales that takes center state with widespread gains only partially offset by further downward revisions in the prior month,” said David Ader, a strategist at CRT Capital Group.
The Commerce Department releases its June business inventories report at 10 a.m.
September crude oil futures were up 39 cents at $93.12 a barrel and December gold futures were up $2 at $1,614.60 an ounce.
The benchmark 10-year Treasury was slipping 1/32, raising the yield to 1.67%. The greenback was down 0.14%, according to the dollar index.
The FTSE in London was up 0.50% and the DAX in Germany was up 0.65% after data showed that Germany's economy grew by 0.3% in the second quarter, better than the 0.2% rise economists had expected. France's economy didn't grow in the second quarter, but that was still better than the expected 0.1% contraction.
In aggregate, eurozone gross domestic product shrank by 0.2% in the second quarter, in line with the consensus forecast.
The Hong Kong Hang Seng index settled ahead by 1.05% and the Nikkei in Japan closed up 0.50%.
U.S. stocks finished mixed Monday as disappointing data on Japan's economic growth triggered some mild profit-taking after five weeks of gains. The S&P 500 snapped a six-day winning streak but the Nasdaq managed to eke out a gain amid low overall volumes.
In corporate news, Home Depot (HD) reported a 13% increase in second-quarter net income and raised its full-year earnings outlook.
Groupon (GRPN), the daily deals site, beat analysts' quarterly estimates on the bottom line but revenue came in light.
Groupon posted second-quarter non-GAAP earnings Monday of $53.8 million, or 8 cents a share, on revenue of $568.3 million. Analysts were calling for a profit of 3 cents a share in the quarter on revenue of $573.1 million.
Apple's (AAPL) highly anticipated iPhone 5 will be available for pre-order on Sept. 12, according to an iMore report.
More from TheStreet.com
It's just sad, because neither candidate has any hope of winning unless they go negative. No one in their right mind would ever offer a specific plan at this point, because it would just become fodder for their opponent. Look at the demagoguery surrounding Ryan's budget plan - that went on for a year, BEFORE he was even on the ticket.
At some point, the American people are going to have to realize the folly of the "lesser of two evils" vote. They are going to have to realize that voting against a candidate isn't actually possible and that the illusion of doing so is exactly why we always get stuck with politicians instead of representatives. This is all a direct result of allowing only 2 political parties to control everything.
At some point, the American people need to start valuing and demanding specific ideas and plans and agendas and strategies from their candidates, and then make their choice based on that information. When they finally start doing this, it shouldn't take long to get rid of this ridiculous 2-party system.
Imagine what our electoral process would look like if we had 5 major political parties. There's no way a candidate could be successful by just trying to demonize the other 4 candidates. Instead, they'd be forced to offer specific plans and ideas and then spend their campaign time and dollars convincing people that their plan was the best one.
Some of you are in favor of term limits. It's not that hard to win re-election and be a career politician if you only have to face one viable opponent every election cycle. That would all likely change if you were up against 4 major opponents.
If we had 5 major political parties, we'd be so much less polarized. Instead of the neanderthal approach of "Side A is good and Side B is bad", it would be much more positive and nuanced. With 5 major candidates, we'd be much more likely to vote for the one with the best ideas, instead of the candidate that is better at slinging mud. Ultimately, isn't that what we want, more positive ideas and less negative mud slinging? As long as 90% of you continue to feed the donkeys and elephants, it will be nothing but slop, as far as the eye can see.
Regardless of his word usage or context or intent or whatever, a good leader of this country would and should NEVER EVER come close to even appearing to deride entreprenuers and small business people - you know, the ones who create 60%+ of the new jobs. IMO, this is exactly what Obama did, intentionally or not. And someone with judgement this poor does not deserve to be re-elected.
We had a great summer Olympic run. The USA got over 100 medals with almost 50 of them being Gold. However, I really don’t think all those athletes earned their Gold Medals. It always amazes me that some athletes think they are better than others. Some athletes think that they are stronger or faster or work harder than the other ones do, but, I have to tell you there are a lot of hard-working athletes out there. There are a lot of smart ones too. These Gold medal athletes didn’t get their on their own. They didn’t do it on their own. Along the way, they had some help. In the name of fairness, Obama should invite them all to the White House and take away their medals and give them to the people that didn’t receive medals… Get it? Got it? I doubt it.
DR....I guess the last sentence,paragraph, just doesn't make any sense to me or what are we to accomplish??
I do realize their are individuals,that never want, that never train, never compete.....Therefor never win, that can be a claim of desire,without it or the help of recognizing it....The process ends.
Of course that applies to much more then just athletes....
"There are a lot of wealthy, successful Americans who agree with me, because they want to give something back. They know they didn’t -look, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something – there are a whole bunch of hardworking people out there.
If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business. you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.
The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don’t do on our own. I mean, imagine if everybody had their own fire service. That would be a hard way to organize fighting fires."
It just doesn't pay to try and wrap your head around this/that crap everyday or everyweek....
Life is too short...
Unless you are involved in Campaigns directly, why worry until you actually have the chance to change something ?
Or wait till the runners get down to the nitty-gritty..
They are in Pandering Mode........A long way from Ready-Set-Go....
VICE PRESIDENT JOE BIDEN: They’ve said it. Every Republican’s voted for it. Look at what they value and look at their budget and what they’re proposing. Romney wants to let the—he said in the first 100 days, he’s going to let the big banks once again write their own rules–unchain Wall Street. They’re going to put y’all back in chains. He’s said he’s going to do nothing about stopping the practice of outsourcing…
So what are they arguing about???
The fact is that there is an infrastructure that makes the US a better place than most to do business. We have a largely well educated workforce, all possible ways to transport people, goods and services (planes, trains, and automobiles) Do you think that businesses would be able to thrive without these things?
Running with "you didn't build that" is like "I like to fire people" or "I'm not very concerned about the poor." When you take Romney's comments in context, they're much less damning.
" “You Olympians, however, know you didn’t get here solely on your own power. For most of you, loving parents, sisters or brothers, encouraged your hopes, coaches guided, communities built venues in order to organize competitions. All Olympians stand on the shoulders of those who lifted them. We’ve already cheered the Olympians, let’s also cheer the parents, coaches, and communities. All right! [pumps fist].” "
Romney 2002 Winter Olympics.
Guess I can't really add anything to this.....
And I do not feel like arguing about what a President or Candidate......
SAID OR DIDN'T SAY....or
WHAT IT "MIGHT" HAVE MEANT ?
"For most of you, loving parents, sisters or brothers, encouraged your hopes, coaches guided, communities built venues in order to organize competitions. All Olympians stand on the shoulders of those who lifted them. We’ve already cheered the Olympians, let’s also cheer the parents, coaches, and communities."
The reality is that it takes a village to build an Olympian, just as it takes a village to build a business.
Would you take a minute to 'divine' the 'right' of that particular sentiment?
Ignoring the human 'infrastructure' is not bringing down the costs associated with in individual's
success, but it will assure our mutual descent into something less than mediocrity.
This is whether you are an Olympian, an average Joe, or in between.
Brutus- we already have many parties- R / D / Libertarian (TP etc)/ American Independent /
Peace & Freedom / Green and so on... How many more do we need? Which is why my
plan is the easiest and fastest way to break up the duopoly.
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[BRIEFING.COM] The stock market began the new trading week on the defensive note with small-cap stocks pacing the retreat. The Russell 2000 (-1.4%) and Nasdaq Composite (-1.1%) displayed relative weakness, while the S&P 500 lost 0.8% with all ten sectors ending in the red.
Global equities began showing some cracks overnight after China's Finance Minister Lou Jiwei poured cold water on hopes for new stimulus measures. Specifically, Mr. Lou said the government has no plans to change ... More
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