Stock Market Update

Retail sales increased 1.4% in March (Briefing.com consensus 1.3%) and retail sales, excluding autos, increased 0.5% (Briefing.com consensus 0.2%).

The initial response in equity futures is muted. The S&P 500 futures are down 42 points and are trading 0.7% below fair value, the Nasdaq 100 futures are down 268 points and are trading 1.4% below fair value, and the Dow Jones Industrial Average futures are down 46 points and are trading 0.1% below fair value.