Thursday August 11th

11-08-2016

Wall Street set for higher open amid retail earnings, data

U.S. stock index futures indicated a higher open on Thursday as traders digested retail earnings and awaited economic data. Macy's beat expectations on both the top and bottom line, sending its stock up more than 10 percent in the premarket. Alibaba and Kohl's also reported quarterly results that beat estimates. Nordstrom, Petrobras and Ruby Tuesday are set to report after the markets close. On the data front, U.S. import prices rose 0.1 percent last month, while weekly jobless claims fell 1,000 to 266,000. Thursday will also see the auction of $15 billion in 30-year bonds. In oil markets, Brent crude traded at $44.07 a barrel on Thursday, about flat, while U.S. crude was at $41.63 a barrel, down 0.2 percent in choppy trade. In Europe, the pan European Stoxx 600 Index was down by around 0.2 percent on Thursday. In Asia, the Shanghai Composite closed 0.53 percent lower. Japanese markets were closed for the Mountain Day public holiday. Gold edged lower on Thursday as a recovery in the dollar prompted some buyers to cash in recent gains, though uncertainty over the outlook for U.S. monetary policy continued to underpin the metal. Palladium also edged lower, after surging more than 4 percent in the previous session in a rally triggered by a wave of short-covering after recent hefty gains. The metal has run into some resistance around last month's high of $722 an ounce. Spot gold was down 0.15 percent at $1,344.15 an ounce, after rising around 0.8 percent over the last two days. U.S. gold futures for December delivery were down $2 at $1,349.90 an ounce.