U.S. stock futures lower ahead of retail sales report
Stock-index futures pointed lower Friday, with investors awaiting data on July retail sales to gauge consumer spending.
The Dow on Thursday DJIA, -0.28% fell 80.12 points, or 0.3%, to end at 27,896.72, while the S&P 500 SPX, -0.20% lost 6.92 points, or 0.2%, to close at 3,373.43, after hitting an intraday peak at 3,387.24, temporarily trading above its Feb. 19 closing record of 3,386.15. The Nasdaq Composite COMP, +0.27% rose 30.27 points, or 0.3%, higher to close at 11,042.50. The major indexes remain on track for weekly gains.
For investors “to increase their risk exposures again, US Democrats and Republicans may have to agree over a new fiscal package, and U.S. and Chinese officials may need to provide encouraging remarks over their nations’ trade relationship,” said Charalambos Pissouros, senior market analyst at JFD Group, in a note.
Second-quarter productivity and unit labor costs figures are also due at 8:30 a.m. Productivity is expected to show a 1.4% increase, while costs are forecast to rise 8.7%. In Europe, the Stoxx 600 Europe Index SXXP, -1.20% traded 1.2% lower and the FTSE 100 UKX, -1.54% slumped 1.5% on Friday, after a similar tumble in the previous session.
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