U.S. stock futures edged up after retail sales data showed an uptick in consumer spending amid the economic reopening.
Futures tied to the S&P 500 added 0.3%, with the broad-market index on track for its worst weekly performance in a month. Nasdaq-100 futures advanced 0.4%, pointing to gains in technology stocks after the opening bell.
Retail sales rose 0.6%in June, as the economy reopened more broadly and auto dealers navigated supply disruptions. Economists were expecting another decrease after May’s 1.3% drop. A gauge of consumer sentiment by the University of Michigan is scheduled for 10 a.m. ET.
Stocks traded choppily this week as investors digested a higher-than-expected inflation reading Tuesday. This was followed by Federal Reserve Chairman Jerome Powell seeking to reassure markets that the central bank sees the rise in prices as uncomfortable but transitory andisn’t in a hurry to adjust its supportive policies.
“The Fed is still being pretty patient, Powell has made it clear that they will remain pretty accommodative for some time,” said Salman Baig, a multiasset investment manager at Unigestion. “That’s a relatively good environment for risk taking—good growth, bond yields being relatively stable, investors will be OK with taking on more risk.”
In bond markets, the yield on the benchmark 10-year Treasury note ticked up to 1.324% Friday from 1.297% Thursday, reversing course after declining for two consecutive days.
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