Friday May 12th


Futures point to lower open on Wall Street after light monthly retail sales

U.S. stock index futures pointed to a lower open on Friday as traders digested key economic data to close out the week. Retail sales rose 0.4 percent in April, below an expected increase of 0.6 percent. Retail sales were in focus as investors tried to gauge the state of the consumer. Other data released Friday included the CPI (consumer price index), which rose 0.2 percent. Business inventories and consumer sentiment are also slated to come out at 10 a.m. ET. On the earnings front, JC Penney reported mixed quarterly results which sent the stock about 5 percent lower. U.S. equities closed lower on Thursday as retail stocks fell sharply on the back of Macy's weak quarterly results. In oil markets, Brent crude traded at around $50.68 a barrel on Friday, down 0.18 percent, while U.S. crude was around $47.71 a barrel, down 0.25 percent. In Europe, the pan European Stoxx 600 Index was around 0.06 percent higher on Friday. In Asia, China's Shanghai Composite closed 0.7 percent higher, while the Nikkei 225 in Japan slid almost 0.4 percent. Gold rose on Friday and was set to end the week slightly higher as the sudden sacking of the FBI head in the United States stoked investor concerns and boosted demand for bullion, even as the dollar headed for its strongest week this year. Spot gold was up 0.26 percent to $1,227.59 per ounce. Gold rose 0.5 percent in the previous session, its best one-day gain in a month. U.S. gold futures added 0.28 percent to $1,227.60 an ounce.