U.S. stock futures were trading slightly higher this morning. Momentum is carrying over from international markets, with the exception of China which finished lower.
A report on personal income and spending was released this morning. The data showed that U.S. consumer spending rose unexpectedly in July, lifted by the government’s “cash-for-clunkers” program that fueled demand for autos. Personal incomes were unchanged from the previous month and inflation eased substantially as energy costs softened.
Still to come is the revision to the University of Michigan Consumer Sentiment report at 10:00 ET.
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