U.S. Stock Futures Maintain Gains After Economic Reports
U.S. stock futures maintained gains after reports showed American wholesale prices and retail sales fell in October.
Standard & Poor’s 500 Index futures expiring in December advanced 0.4 percent to 1,376 at 8:36 a.m. in New York.
Retail sales in the U.S. fell in October for the first time in four months, influenced by the effects of superstorm Sandy, which hurt receipts for some and helped for others.
The 0.3 percent drop followed a 1.3 percent increase in September that was larger than previously reported, Commerce Department figures showed today in Washington. The median forecast of 83 economists surveyed by Bloomberg called for a drop of 0.2 percent. The Commerce Department said it was able to collect information from the storm-affected area, even as it was not able to quantify its impact.
Wholesale prices unexpectedly fell for the first time in five months as energy and vehicle costs dropped. The 0.2 percent decline in the producer price index came after a 1.1 percent increase the prior month, Labor Department figures showed today in Washington. The median estimate in a Bloomberg survey of 73 economists called for a 0.2 percent rise.
Excluding volatile food and energy, the so-called core measure decreased 0.2 percent, the first drop since November 2010.