A man walks a dog in the shade of the midday sun in front of the New York Stock Exchange (NYSE) building in Manhattan on a hot day in New York City, New York, the United States, August 11, 2020.
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Stock futures were stifled in overnight trading on Friday as investors await the latest retail sales data.
The Dow Jones Industrial Average futures fell slightly by about 25 points. S&P 500 and Nasdaq 100 futures also posted slight declines.
Retail sales data, due at 8:30 a.m. ET on Friday, will provide an update on the recovery in consumer spending. Economists polled by Dow Jones expect retail sales to rise 0.7% in September, after rebounding 0.6% in August. Excluding automobiles, sales are expected to increase by 0.4%.
The big averages suffered their third consecutive day of losses Thursday, their longest losing streak in nearly a month.
The Dow Jones and S&P 500, however, closed their lows well on Thursday, helped by the strength of cyclicals, especially financials and real estate.
“Value / cyclical stocks have recovered some of their recent underperformance on strength in energy, autos, transportation, non-core retail and financials.” Adam Crisafulli, founder of Vital Knowledge, said in a note Thursday.
The weakness in equities this week came amid uncertainties surrounding the continued recovery of coronaviruses as well as fears of a worsening pandemic around the world.
Washington lawmakers continued to send mixed signals on progress towards a stimulus deal.
President Donald Trump later said he would increase his bid for a stimulus package above its current level of $ 1.8 trillion. House Democrats passed a $ 2.2 trillion bill.
Meanwhile, the rise in new coronavirus cases in Europe has also kept investors on the lookout. The UK government has announced plans to impose tighter coronavirus restrictions on London, while the French government declared a state of public health emergency earlier this week amid an increase in cases. Germany also announced new rules to curb the spread of the virus.
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