U.S. stock-index futures extended gains, signaling the market may rebound after yesterday’s retreat, as faster-than-forecast growth in American retail sales bolstered optimism in the economy.
Futures on the Standard & Poor’s 500 Index expiring next month increased 0.4 percent to 1,408.6 at 8:35 a.m. in New York.
The 0.8 percent advance in retail sales, the first gain in four months, followed a 0.7 percent decrease in June that was weaker than first reported, Commerce Department figures showed today. Economists projected a 0.3 percent rise, according to the median forecast in a Bloomberg survey. Sales excluding automobiles also climbed 0.8 percent.
The S&P 500 fell for the first time in seven days yesterday, snapping its longest streak of gains since 2010, amid concern about slowing Asian economic growth. The index is up almost 10 percent from a five-month low in June amid speculation central banks around the world will act to safeguard the global recovery.
To contact the editor responsible for this story: Michael P. Regan at email@example.com