U.S. Stock Futures Are Higher Post Positive Earnings Results from Financial Companies
U.S. stock futures are higher. Positive earnings results from financial companies are a positive catalyst for equities. Retail sales increased 1% for June compared to 0.9% consensus and ex vehicles/gas spending was up 0.7% versus -0.2% estimate. Treasury rates are holding steady post announcement and the curve remains inverted. The 10y is trading at 2.94% against the 2y at 3.11%. Additionally, futures remain higher and consumer sentiment will be released at 10 am today. China’s GDP 2Q was 0.4% below estimates of 1% and Asian markets closed down for the week. Global oil prices are slightly higher as President Biden is meeting with the Saudi Prince and discussions related to oil production are expected. European markets are higher.