Stock futures mostly flat ahead of other retail earnings reports
Stock futures were mostly flat in overnight trading on Tuesday ahead of earnings reports from big box retailers Target and Lowe’s.
Futures contracts on the Dow Jones Industrial Average added about 35 points. S&P 500 futures were little changed and Nasdaq 100 futures traded near the flat line.
The moves in futures trading come after new economic data and corporate earnings signaled that U.S. consumers are increasing spending despite rising prices.
The Dow Jones added 54.77 points, or 0.15%. The S&P 500 gained 0.39% and the Nasdaq Composite rose 0.76%.
Retail sales rose 1.7% in October, the Commerce Department reported on Tuesday, faster than economists expected. The number measures how much consumers spend on goods in a number of categories.
Home Depot’s strong quarterly results also boosted investor sentiment on Tuesday. The home improvement retailer topped the winners on the Dow Jones after its profits beat analyst estimates. Walmart also reported better-than-expected results, although its shares declined.
“US stocks rallied after an impressive retail sales report, strong industrial production data and retail earnings showed the consumer is managing current price increases. Edward Moya, senior market analyst at Oanda, said in a note Tuesday.
Investors expect more retail profits from Target, Lowe’s, TJX, Bath & Body Works and Victoria’s Secret on Wednesday. Other big companies that release their results on Wednesday include Cisco Systems and Nvidia.