Stock index futures pointed to a lower open after data showed retail sales and producer prices came in worse than expected in March, offsetting earnings from Johnson & Johnson and Goldman Sachs.
Sales at U.S. retailers unexpectedly fell in March, snapping two months of increases, as motor vehicle and electronic good purchases declined, according to a government report on Tuesday that indicated subdued consumer spending amid rising unemployment.
U.S. producer prices fell unexpectedly in March and also notched the largest year-over-year decline since 1950 as energy prices slipped, government data on Tuesday showed.
The retail data suggests that the consumer is still lagging and pulling back. The PPI indicates to me that the Fed can maintain its policy of easing for some time, said Subodh Kumar, chief investment strategist, Subodh Kumar & Associates in Toronto.
The market has been very much macro-focused until now, with the release of earnings.
Healthcare group Johnson & Johnson
percent to $11.22. Goldman Sachs fell 3.7 percent to $125.29.
S&P 500 futures fell 8.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 66 points, and Nasdaq 100 futures shed 6 points.
(Reporting by Edward Krudy, Additional reporting by Ryan Vlastelica; Editing by Theodore d'Afflisio)