Corporate profits again lifted stock index futures, as Intel’s upbeat earnings report boosted confidence. The chipmaker handily beat estimates with earnings, sales and margins all coming in better-than-expected, helped by strong demand from corporate customers. The company’s CEO called it their “best quarter in the company’s 42-year history” and see’s demand continuing to increase for the foreseeable future.
On the economic front, the headline retail sales number fell in June. The Commerce Department said overall retail sales shrank 0.5%, following a 1.1% decline in May. Although the headline number showed some weakness, some the components indicate the consumer is continuing to spend. Separately, U.S. import prices fell by 1.3%, led by lower fuel costs. Export prices also fell, after rising in the three previous months.
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