Stocks pulled back a little yesterday despite positive earnings news. Today, the futures market pointed to a flat start as investors return their focus to economic data following yesterday’s disappointing retail sales report.
Fortunately, there was better news in the Consumer Price Index and Empire Manufacturing reports. Consumer prices fell in March and recorded their first annual drop since 1955. Total CPI declined 0.1% while economist expected a 0.1% increase, and the core CPI increased 0.2%. The Empire Manufacturing report, meanwhile, doesn't show strength, but it does indicate that the rate of contraction has slowed, as the report checked in at -14.65 (consensus -35.00) versus -38.23 in the prior month. A number below zero is indicative of contraction. The more influential Industrial Production report will be released at 9:15 ET.
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