U.S. Retail Surge Boosts Market Confidence

U.S. stock index futures increased following a significant rise in retail sales, highlighting consumer strength. Retail sales grew by 0.4% in September, exceeding expectations. Additionally, fewer Americans filed unemployment claims than anticipated. Major indexes, including Dow, S&P 500, and Nasdaq, experienced gains during early trading hours.


Devdiscourse News Desk | Updated: 17-10-2024 18:06 IST | Created: 17-10-2024 18:06 IST
U.S. Retail Surge Boosts Market Confidence
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U.S. stock index futures experienced an uptick on Thursday, spurred by a notable rise in retail sales that signaled robust consumer purchasing power. Economists surveyed by Reuters had predicted a 0.3% increase for September, but actual retail sales outpaced these expectations with a 0.4% rise.

Moreover, when excluding automobiles, sales figures jumped 0.5%, surpassing the 0.1% forecast. This positive economic news was further supported by data indicating that initial unemployment claims came in lower than anticipated, with 241,000 new applications compared to the estimated 260,000.

As a result, investor sentiment improved, leading to pre-market gains across major stock indices. By 8:30 a.m., Dow E-minis rose by 70 points (0.16%), S&P 500 E-minis climbed 27.25 points (0.46%), and Nasdaq 100 E-minis increased by 170 points (0.84%).

(With inputs from agencies.)

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