Stock Market Update

The S&P 500 futures currently trade 28 points above fair value.

Just released, Total retail sales increased 0.5% month-over-month in April (Briefing.com consensus: 0.4%), following a downwardly revised 1.6% increase (from 1.7%) in March.

Excluding autos, retail sales increased 0.7% (Briefing.com consensus: 0.4%) following a 1.9% increase in March.

Initial jobless claims for the week ending May 9 increased by 12,000 to 211,000 (Briefing.com consensus: 208,000) from a downwardly revised level of 199,000 (from 200,000).

Continuing jobless claims for the week ending May 2 increased by 24,000 to 1.782 million, from the downwardly revised prior level of 1.758 million (from 1.766 million).

Import prices increased 1.9% in April, following an upwardly revised 0.9% increase in March (from 0.8%).

Excluding oil, import prices increased 0.8%, following a downwardly revised 0.2% increase in March (from 0.6%).

Export Prices surged 3.3% in April, following a downwardly revised previous increase of 1.5% (from 1.6%).

Excluding agriculture, export prices increased 3.4%, following a downwardly revised 1.6% increase in March (from 1.7%).