Stock Market Update

The S&P 500 futures are up 37 and are trading 0.7% above fair value, the Nasdaq 100 futures are up 150 points and are trading 0.8% above fair value, and the Dow Jones Industrial Average futures are up 270 points and are trading 0.7% above fair value.

Retail sales increased 1.0% in July (Briefing.com consensus 0.3%) following a revised 0.2% decrease in June (from 0.0%). Retail sales, excluding autos, rose 0.4% in July (Briefing.com consensus 0.2%) following a revised 0.5% increase in June (from +0.4%).

Weekly initial jobless claims totaled 227,000 (Briefing.com consensus 232,000) following a revised count of 234,000 last week (from 233,000). Continuing claims came in at 1.864 million following last week's revised count of 1.871 million (from 1.875 million).

Import prices were up 0.1% in July following a flat reading in June. Import prices, excluding oil, rose 0.1% in July following a 0.2% increase in June.

Export prices rose 0.7% in July following a 0.3% decrease in June (revised from -0.5%). Export prices, excluding agriculture, rose 1.0% in July following a 0.4% decrease in June.

The NY Fed Empire State Manufacturing survey rose to -4.7 in August from -6.6 in July.

The Philadelphia Fed Index dropped to -7 in August from 13.9.