Mixed US Futures Ahead of Retail Sales Data Amid Cooling Inflation
US stock futures are trading in mixed territory as Wall Street aims to post a positive week ahead of key retail sales data and signs that inflation may be cooling. The S&P 500 futures edged up 0.1% on Friday, while the Dow Jones Industrial Average slipped 0.1%. Nasdaq futures rose 0.1%, according to AP News.
New data showed consumer inflation slowed in July, and oil prices declined. However, oil prices rebounded at the end of the week due to attacks on two UAE tankers in the Strait of Hormuz. Retail sales data will be released before the opening bell on Friday, which could provide insight into consumer spending.
Consumer spending has been cautious lately, with more paychecks going towards groceries and gasoline. The average price of gas rose to $4.08 per gallon overnight, a 92-cent increase from last year's prices. Brent crude climbed to $87.31 per barrel, while US benchmark crude rose by almost 1% to $81.83.
Stephen Innes of SPI Asset Management said that with inflation in check and oil prices backing off, the market has reduced the case for a near-term Federal Reserve interest rate hike. The Fed's decision could impact consumer spending and the overall economy.