U.S. Stock-Index Futures Rise Before Retail-Sales Report U.S. stock-index futures advanced, indicating the Standard & Poor’s 500 Index will rebound from two days of losses, as investors awaited a report that may show retail sales in the world’s largest economy rose in July. Apple Inc. gained in early New York trading after a person familiar with the matter said it will introduce a new iPhone next month. Marvell Technology Group Ltd. gained 2 percent after RBC Capital Markets raised its recommendation on the shares. Yum! Brands Inc. slid 4 percent after reporting that sales in China fell in July. Futures on the Standard & Poor’s 500 Index expiring next month rose 0.3 percent to 1,692.7 at 10:38 a.m. in London. Contracts on the Dow Jones Industrial Average added 59 points, or 0.4 percent, to 15,446 today. A Commerce Department report at 8:30 a.m. in Washington will show retail sales climbed for a fourth consecutive month in July, increasing 0.3 percent, according to the median economist forecast in a Bloomberg survey. Federal Reserve Bank of Atlanta President Dennis Lockhart will give a speech at 12:45 p.m. on the outlook for the U.S. economy. Lockhart said in an interview with Market News International on Aug. 7 that the Fed may reduce its bond purchases as early as September. “The progress to date is pretty impressive and certainly should be factored into the readiness of the economy to move forward without asset purchases,” he said in the article. In Europe, a measure of German investor confidence climbed more than economists had expected. The ZEW Center for European Economic Research’s index of investor and analyst expectations rose to 42 in August, more than the average estimate of 39.9 in a Bloomberg survey. Apple, Marvell Apple added 0.4 percent to $469.22. The company will unveil a new iPhone at a Sept. 10 event, according to a person familiar with its plans. New iPads, including one with a thinner body and a mini version with a high-resolution screen will go on sale later, two people said. Marvell Technology gained 2 percent to $12.97. RBC Capital Markets raised its recommendation on the maker of chips for smartphones and computers to top pick from outperform. Yum lost 4 percent to $71.50. The owner of the KFC and Pizza Hut chains said same-store sales in China declined 13 percent last month because people remained reluctant to eat chicken following an outbreak of avian flu. Analysts had predicted that revenue dropped 7.1 percent in July, according to the average of four projections compiled by Consensus Metrix.
Posted on: Wed, 14 Aug 2013 15:59:28 +0000
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