August 13, 2013 -- 8:35 a.m. ET - 08/13/13
U.S. stock futures are signaling a higher open. The Dow, S&P 500 Index and NASDAQ are all at least 0.2% above fair value. The major averages look poised to snap a two-day retreat thanks to encouraging U.S. and European economic data. On our shores, retail sales increased for the fourth consecutive month, rising 0.2% in July after an upwardly revised 0.6% advance in June. A separate report showed the Import Price Index rose by a less than forecast 0.2% in July and at 10:00 a.m. ET business inventories are anticipated to increase for the second time in three months. The Fed will also garner attention at 12:45 p.m. ET when Atlanta Fed President Lockhart speaks. In Europe, euro-area industrial production posted its first annual increase in 20 months and German investor confidence rose to the highest level since March. Asia is also in the spotlight after Japans Prime Minister called for a study on the impact of lowering the current corporate tax rate to help boost growth. In company news, J.C. Penney is up over 1.6% in pre-market trading after news that CEO Bill Ackman resigned from the company. On the fixed-income front, Treasuries are down for a second day. The 10-year note is losing 18/32 to yield 2.69% and the 30-year bond is down a full point to yield 3.74%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Toll Free: 800-581-5196
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.