Stock futures are extending their gains after retail sales unexpectedly rose in February, a positive sign for the economy.
The government said retail sales rose 0.3 percent last month. Analysts had expected sales had declined by 0.2 percent.
The news raises hopes that the economy is gaining momentum.
Ahead of the opening bell in New York, Dow Jones industrial average futures are up 39, or 0.4 percent, at 10,649. Standard & Poor's 500 index futures are up 4.00, or 0.4 percent, at 1,149.90, while Nasdaq 100 index futures are up 1.50, or 0.1 percent, at 1,924.00.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
Stock futures are trading higher Friday as investors look to consumers for guidance on the economic recovery.
A handful of reports could detail the U.S. economy's strength by shedding more light on consumers' spending appetites during a time of high unemployment.
The government plans to report on February retail sales and January business inventories. A report on March consumer sentiment is also due.
Any inkling of positive news may be exactly what the market needs. A rally in financial stocks Thursday helped the market extend their weekly gains. The Dow and S&P 500 have been hovering near 15-month highs, but investors haven't been in a rush to send those indexes any higher.
Overseas markets were mostly higher on Friday. European markets got a lift from strong industrial production figures for January in the 16-nation region that shares the euro.
Ahead of the opening bell in New York, Dow Jones industrial average futures rose 23, or 0.2 percent, to 10,633. Standard & Poor's 500 index futures rose 2.70, or 0.2 percent, to 1,148.60, while Nasdaq 100 index futures rose 2.75, or 0.1 percent, to 1,925.25.
Before the U.S. market opens, the Commerce Department reports on retail sales for February. Economists predict retail sales likely slipped slightly last month, reflecting weakness in demand for autos and the severe winter storms that hit much of the country.
Economists surveyed by Thomson Reuters are forecasting that sales dipped 0.2 percent in February following a gain of 0.5 percent in January.
Earlier this month, the International Council of Shopping Centers reported that sales jumped 3.7 percent in February compared to a year ago, the biggest gain since November 2007, the month before the recession began.
The new report is due out at 8:30 a.m. EST.
Data from the Reuters/University of Michigan consumer sentiment index for March on consumer sentiment will also provide more evidence on consumers' current spending appetites.
Higher consumer spending is vital because it accounts for about 70 percent of economic activity. Economists have cautioned, though, that any spending increases could falter as unemployment weighs on a sustained recovery.
The nation's unemployment rate was 9.7 percent in February.
Investors will receive additional guidance about the economy's health when the Commerce Department report on January business inventories. The data is likely to show a tick up in business inventories even though wholesalers cut their stockpiles during the month. Economists expect total business inventories posted a slight rise of 0.2 percent in January following a 0.2 percent fall in December.
The report is due at 10 a.m. EST.
Meanwhile, bond prices were mostly down Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.74 percent from 3.73 percent late Thursday.
The dollar fell against other major currencies, while gold prices rose.
Overseas, Japan's Nikkei stock average rose 0.8 percent. Britain's FTSE 100 rose 0.3 percent, Germany's DAX index rose 0.8 percent, and France's CAC-40 rose 0.6 percent
The government said retail sales rose 0.3 percent last month. Analysts had expected sales had declined by 0.2 percent.
The news raises hopes that the economy is gaining momentum.
Ahead of the opening bell in New York, Dow Jones industrial average futures are up 39, or 0.4 percent, at 10,649. Standard & Poor's 500 index futures are up 4.00, or 0.4 percent, at 1,149.90, while Nasdaq 100 index futures are up 1.50, or 0.1 percent, at 1,924.00.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
Stock futures are trading higher Friday as investors look to consumers for guidance on the economic recovery.
A handful of reports could detail the U.S. economy's strength by shedding more light on consumers' spending appetites during a time of high unemployment.
The government plans to report on February retail sales and January business inventories. A report on March consumer sentiment is also due.
Any inkling of positive news may be exactly what the market needs. A rally in financial stocks Thursday helped the market extend their weekly gains. The Dow and S&P 500 have been hovering near 15-month highs, but investors haven't been in a rush to send those indexes any higher.
Overseas markets were mostly higher on Friday. European markets got a lift from strong industrial production figures for January in the 16-nation region that shares the euro.
Ahead of the opening bell in New York, Dow Jones industrial average futures rose 23, or 0.2 percent, to 10,633. Standard & Poor's 500 index futures rose 2.70, or 0.2 percent, to 1,148.60, while Nasdaq 100 index futures rose 2.75, or 0.1 percent, to 1,925.25.
Before the U.S. market opens, the Commerce Department reports on retail sales for February. Economists predict retail sales likely slipped slightly last month, reflecting weakness in demand for autos and the severe winter storms that hit much of the country.
Economists surveyed by Thomson Reuters are forecasting that sales dipped 0.2 percent in February following a gain of 0.5 percent in January.
Earlier this month, the International Council of Shopping Centers reported that sales jumped 3.7 percent in February compared to a year ago, the biggest gain since November 2007, the month before the recession began.
The new report is due out at 8:30 a.m. EST.
Data from the Reuters/University of Michigan consumer sentiment index for March on consumer sentiment will also provide more evidence on consumers' current spending appetites.
Higher consumer spending is vital because it accounts for about 70 percent of economic activity. Economists have cautioned, though, that any spending increases could falter as unemployment weighs on a sustained recovery.
The nation's unemployment rate was 9.7 percent in February.
Investors will receive additional guidance about the economy's health when the Commerce Department report on January business inventories. The data is likely to show a tick up in business inventories even though wholesalers cut their stockpiles during the month. Economists expect total business inventories posted a slight rise of 0.2 percent in January following a 0.2 percent fall in December.
The report is due at 10 a.m. EST.
Meanwhile, bond prices were mostly down Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.74 percent from 3.73 percent late Thursday.
The dollar fell against other major currencies, while gold prices rose.
Overseas, Japan's Nikkei stock average rose 0.8 percent. Britain's FTSE 100 rose 0.3 percent, Germany's DAX index rose 0.8 percent, and France's CAC-40 rose 0.6 percent
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