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Stock futures rise as investors await retail sales in October

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, November 15, 2022.

Brendan McDermid | Reuters

Stock futures rose early on Wednesday as investors weighed another lighter-than-expected inflation report and looked ahead to retail sales data due later.

Futures tied to the Dow Jones Industrial Average returned 59 points, or about 0.1[ads1]8%. Futures on the S&P 500 and Nasdaq 100 rose 0.16% and 0.19%, respectively.

All the major averages ended the regular session higher on Tuesday, with the S&P 500 closing up 0.87% and the Dow adding 56.22 points, or 0.17%. The Nasdaq jumped 1.45% and is the only major average to make small gains for the week. The producer price index report, which measures wholesale prices, came in below expectations, allaying some investor concerns about inflation.

Chinese technology stocks were among the top performers on Tuesday, with the KraneShares CSI China Internet ETF gaining 9.56% for its best daily performance since March 16. Nine of 11 S&P 500 sectors rose, led by communications services and information technology. Both the healthcare system and material had small losses.

Shares have had a solid rally following last week’s report on the consumer price index, which was better than feared. The S&P 500 last week posted its best weekly stretch since June, and all the major averages are on track to end the month with gains.

However, some investors say a short-term retreat is on the horizon.

“In the short term, the market is very extended and overdue to pull back and digest the recent rally,” said Adam Sarhan, managing director of 50 Park Investments.

Retail sales due out on Wednesday could provide a fresh look at consumer behavior amid inflation. Earnings season also continues with reports from Target, Cisco and Nvidia.

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