[BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: -5.80.
Equity futures have trimmed gains following a hotter-than-expected December reading for the core Consumer Price Index, but still point towards a higher start for the U.S. equity market. The S&P 500 futures are up five points, or 0.2%, after trading about eight points higher an hour ago.
The core Consumer Price Index, which excludes the volatile categories of food and energy, increased 0.3% in December while the Briefing.com consensus expected a rise of 0.2%. The Consumer Price Index, meanwhile, increased 0.1%, which was less than the 0.2% increase the Briefing.com consensus was anticipating.
Treasuries extended losses following the release, sending the benchmark 10-yr yield to 2.59% from 2.54%. The 10-yr yield has come down slightly since and currently hovers at 2.58%, which is about five basis points above where it settled on Thursday and ten basis points above where it settled last Friday.
Investors also received Retail Sales for December, which came in as expected, showing an increase of 0.4%. Retail sales excluding autos also increased 0.4% as expected.
Today's last economic report--Business Inventories for November (Briefing.com consensus +0.3%)--will be released at 10:00 AM ET.
In corporate news, JPMorgan Chase (JPM 110.71, -0.12) and Wells Fargo (WFC 62.30, -0.71) kicked off the fourth quarter earnings season this morning with mixed results; JPMorgan beat earnings estimates while missing the mark on revenues, and Wells Fargo reported above-consensus earnings on worse-than-expected revenue. JPM shares are flat in pre-market trading while WFC shares are down 1.1%.
Meanwhile, Facebook (FB 177.99, -9.78) has dropped 5.3% amid concerns that recent updates to its news feed will cause users to spend less time on the site.
Elsewhere, West Texas Intermediate crude futures have slipped from a three-year high, dropping 0.5% to $63.45 per barrel, while the U.S. Dollar Index has tumbled 0.5% to 91.17, which marks a fresh three-year low. The greenback is down 0.8% against the euro at 1.2126.