Stock index futures rose on Tuesday as investors bet that quarterly earnings from Goldman Sachs Group
Investors will scrutinize the monthly retail sales data from the Commerce Department for clues about consumer demand and the strength of the economic recovery. The data is due at 8:30 a.m. EDT, along with the June Producer Price Index.
According to a Reuters poll of economists, June retail sales are expected to rise 0.4 percent month-over-month, versus an increase of 0.5 percent in May. Excluding autos, retail sales are expected to match the prior month's 0.5 percent gain.
People are looking for some indication that as we approach the critical back to school and ultimately the Christmas season that there is some indication that consumers are starting to open their pocketbooks, said Rick Meckler, president of investment firm LibertyView Capital Management in New York.
All these numbers are becoming somewhat important in terms of sectors of the market finding their legs.
S&P 500 futures rose 4.9 points and were above 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 climbed 57 points, and Nasdaq 100 futures added 0.50 points.
Goldman, whose results are due before the bell, is among several marquee names scheduled to post quarterly results on Tuesday, including two Dow components -- chipmaker Intel Corp
Before the bell shares of Goldman Sachs were flat at $149.45, a day after an upbeat analyst recommendation on the stock sent banks shares rallying.
Also high on the news agenda are developments surrounding embattled CIT Group Inc
According to a source familiar with the matter, the Treasury and the U.S. Federal Reserve are exploring ways to provide relief to CIT, a key source of financing for thousands of small and medium-sized companies.
CIT shares jumped 26 percent to $1.70 before the bell.
After the bell on Monday, No. 3 U.S. railroad CSX Corp
(Additional reporting by Rodrigo Campos; Editing by Padraic Cassidy)