[BRIEFING.COM] S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -59.50.
The stock market is on course for a lower open, as the S&P 500 futures are trading 17 points, or 0.6%, below fair value.
Turkey remains in focus this morning after the country doubled tariffs on some U.S. imports -- including cars, alcohol, and tobacco -- further increasing tensions between the two nations, which are feuding over the detainment of American pastor Andrew Brunson. The lira is up against the U.S. dollar though, adding 3.6%.
In earnings news, Macy's (M 39.95, -1.92) is down 4.6% in pre-market trading despite beating bottom-line estimates and raising its guidance for FY19.
Investors received a large batch of economic data this morning:
- July retail sales rose 0.5% (Briefing.com consensus +0.1%), while the June increase was revised to 0.2% from 0.5%. Excluding autos, retail sales increased 0.6% in July (Briefing.com consensus +0.3%), and the June increase was revised to 0.2% from 0.4%.
- The preliminary unit labor costs declined 0.9% during the second quarter, while the Briefing.com consensus expected an increase of 0.5%. The preliminary productivity reading showed an increase of 2.9%, while the Briefing.com consensus expected an increase of 2.0%.
- The Empire Manufacturing Survey for August rose to 25.6 (Briefing.com consensus 20.0) from the prior month's unrevised reading of 22.6.
- Industrial Production rose 0.1% in July (Briefing.com consensus +0.4%), while the June increase was revised to 1.0% (from +0.6%). Meanwhile, Capacity Utilization stayed at 78.1% (Briefing.com consensus 78.3%), unchanged from a revised reading of 78.1% in June (from 78.0%).
In addition, June Business Inventories (Briefing.com consensus +0.1%) and the August NAHB Housing Market Index (Briefing.com consensus 67) will be released at 10:00 ET.
Elsewhere, U.S. Treasuries are rallying this morning, pushing yields lower across the curve, with the benchmark 10-yr yield down four basis points at 2.86%. Meanwhile, WTI crude futures are down 1.1% at $66.33/bbl, which marks a fresh eight-week low, and the U.S. Dollar Index is up 0.2% at 96.78, which marks a more than one-year high.