Coming off the worst week for the major stock indexes since June, indexes were pointed higher early on Monday.
Stock futures rose after the government reported that September retail sales rose 1.1%, against expectations for 0.9% growth. August and July sales were also revised higher, to 1.2% and 0.7% growth respectively. Electronics stores saw the largest growth as Apple’s iPhone was released during the month.
“Bottom line, with personal spending being most of the US economy, this data point is obviously important and the better results�will lead to an uptick to Q3 GDP estimates, all else equal, from the current median of 1.8%,” wrote Miller Tabak strategist Peter Boockvar.
Dow futures rose 39 points; S&P 500 futures rose 5.6 points.
Citigroup (C) rose 2.8% in pre-market trading after posting better than expected earnings and revenue on improving mortgage banking and trading results. Other financials, including Bank of America (BAC), also rose.
Gannett (GCI) beat analysts’ earnings expectations, although shares did not appear to be trading before the market opened.
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