Stock Market Update

The S&P 500 futures are up 28 points and are trading 0.4% above fair value, the Nasdaq 100 futures are up 175 points and are trading 0.8% above fair value, and the Dow Jones Industrial Average futures are up 80 points and are trading 0.2% above fair value.

Retail sales increased 0.4% in September (Briefing.com consensus 0.2%) following a 0.1% increase in August. Retail sales, excluding autos, rose 0.5% in September (Briefing.com consensus 0.1%) following a 0.2% increase in August (revised from 0.1%).

Weekly initial jobless claims totaled 241,000 (Briefing.com consensus 270,000) and last week's total was 260,000 (revised from 258,000). Continuing claims came in at 1.867 million and last week's total was revised to 1.858 million (from 1.861 million).

The Philadelphia Fed Index jumped to 10.3 in October (Briefing.com consensus 4.0) from 1.7 in September.