US Stock Futures Rise on Strong Data, Fed Rate Cut Hopes
Industrial production fell more than expected due to global manufacturing issues.
US stock futures rose on Thursday evening after strong retail sales and jobless claims data eased economic slowdown fears.
Soft inflation data also increased expectations for a Federal Reserve rate cut in September.
By 7:22 PM ET (11:22 PM GMT), S&P 500 Futures were up 0.2% at 5,576.25 points, Nasdaq 100 Futures were up 0.2% to 19,624.75 points, and Dow Jones Futures rose 0.2% to 40,746.0 points.
July retail sales exceeded expectations, and jobless claims were lower, indicating a strong consumer market and job sector. However, industrial production fell more than expected due to global manufacturing issues.
Investors now anticipate a 25 basis point rate cut in September, rather than a larger reduction. Wall Street indexes hit two-week highs, with the S&P 500 up 1.6%, the NASDAQ Composite up 2.3%, and the Dow Jones up 1.4%.