Stock index futures signaled a rebound on Wall Street on Monday after gains in overseas markets and data showing U.S. retail sales grew last month, reassuring investors about consumer spending.
Retail sales rose more than expected in July, the Commerce Department said, adding that June's drop was revised smaller than had previously been reported.
Not only did the month of July come in a little stronger than expected, but June was revised upward to reflect less of a decline, which will be good for the stock market, said Richard Huber, economist at A.G. Edwards and Sons in St. Louis.
S&P 500 futures were up 16.1 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures rose 118 points, and Nasdaq 100 futures were up 21.75 points.
Futures were already pointing to a positive open before the retail sales data, helped by central banks around the world injecting more money into the banking system to calm worries about a liquidity crisis.