Stock Market Update

The S&P 500 futures are up one point and are trading fractionally above fair value, the Nasdaq 100 futures are up 44 points and are trading 0.2% above fair value, and the Dow Jones Industrial Average futures are down 153 points and are trading 0.4% below fair value.

Retail sales jumped 0.4% in December (Briefing.com consensus 0.5%) following a revised 0.8% increase in November (from 0.7%). Retail sales, excluding autos, rose 0.4% in December (Briefing.com consensus 0.5%) following a 0.2% increase in November.

Weekly initial jobless claims totaled 217,000 (Briefing.com consensus 212,000) and last week's total was 203,000 (revised from 201,000). Continuing claims came in at 1.859 million and last week's total was revised to 1.877 million (from 1.867 million).

Export prices rose 0.3% in December following a flat reading in November (revised from 0.1%). Export prices, excluding agriculture, rose 0.3% in December following a 0.1% increase in November. Import prices rose 0.1% in December following a 0.1% increase in November. Import prices, excluding oil, rose 0.1% in December following a 0.1% increase in November (revised from 0.0%).

The Philadelphia Fed Index surged to 44.3 in January (Briefing.com consensus -6.0) from -10.9 in December (revised from -16.4).

Treasury yields are little changed from levels before the data. The 10-yr yield is at 4.67% and the 2-yr yield is at 4.29%.