Stock futures fluctuated early as traders take in a lot of economic reports. Overseas, Germany and the broader euro zone showed stronger-than-expected GDP growth. In the U.S., retail sales managed a modest increase in July after two consecutive months of decline. The Commerce Department said sales rose 0.4% last month, following a higher revised 0.3% decrease in the prior month. Excluding autos, sales gained 0.2%. The underlying trend for consumer spending is soft, but not weak enough to indicate a double dip.
Meanwhile, a rise in energy costs led to a rebound in CPI inflation, ending a three month period of declines. The core rate remained soft, rising 0.1%, while the overall rate rose 0.3%. At 9:55 am ET, the University of Michigan’s preliminary consumer reading is expected to show an increase. And at 10:00 am ET, June business inventories are forecast to have risen slightly.
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