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August PPI and Retail Sales numbers top Street expectations, helping futures reverse course
Stock futures have reversed course into the black, rising 0.7 point to 1,044.20. The S&P 500 closed Monday night at 1,049.34. Fair value basis is negative 4.66, so fair value of the futures is roughly 1,044.68. Overnight range was 1,038.9 to 1,043.3.
International markets are mixed, with Hong Kong down 0.3% and Europe up 0.4%. The Japanese Nikkei closed up a fraction in Tuesday’s trading.
In economic news, August Producer Price Index (PPI) numbers rose 1.7% month-over-month, topping estimates for a 0.8% rise. The core number inched 0.2%, narrowly exceeding estimates. The year-over-year number was down 4.3% versus consensus expectations for a drop of 5.3%.
Elsewhere, retail sales jumped 2.7% in August, beating the expected move of 1.9%. Excluding autos, sales rose 1.1% last month.
And in stock news, Best Buy (BBY) said it earned 37 cents in the second quarter, a nickel shy of what analysts were expecting. Same-store sales dropped 3.9% during the reporting period. Revenue, however, rose 12% during the quarter, exceeding estimates for an 11% rise.
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