Stock Market Update

The S&P 500 futures currently trade two points below fair value. 

Retail sales increased 0.6% month-over-month in June (Briefing.com consensus 0.2%) following an unrevised decrease of 0.9% in May.

Excluding autos, retail sales increased 0.5% month-over-month (Briefing.com consensus 0.3%) following an upwardly revised -0.2% (from -0.3%) in May.

Initial jobless claims decreased by 7,000 for the week ending July 12 to 221,000 (Briefing.com consensus: 230,000), down from an upwardly revised 228,000 (from 227,000). 

Continuing jobless claims for the week ending July 5 decreased by 2,000 to 1.956 million, from a downwardly revised 1.954 million (from 1.965 million). 

Import prices increased 0.1% in June, following a downwardly revised -0.4% in May (from 0.0%).

Import prices, excluding oil, increased 0.1% from a downwardly revised unchanged level (from 0.3%) in May.

Export prices increased 0.5% in June, following an upwardly revised -0.6% in May (from -0.9%).

Export prices, excluding agriculture, increased 0.5%, following an upwardly revised -0.7% in May (from -1.0%).

The Philadelphia Fed Index hit 15.9 in July (Briefing.com consensus -0.2) from a 4.0% decrease in June.