Futures signaled a lower open ahead of the April Retail Sales report. A decline in mortgage applications from the previous week and news that the European Commission levied a $1.45 billion fine against Intel for anti-competitive practices contributed to the negative stance.
Futures slipped further after the release of the April Retail Sales report. Sales last month fell 0.4%, while economist expected them to remain unchanged. The drop was not large, but it will mitigate investor enthusiasm since consumer spending will be an important component to economic recovery.
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