US Stock Futures Rise on Strong Data, Fed Rate Cut Hopes
Industrial production fell more than expected due to global manufacturing issues.
US Stocks - Dow Jones Futures rose 0.2% to 40,746.0 points.
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%.
