Futures Are Lower After CPI Report
Futures pointed to a lower open on Wall Street Friday after a report showed consumer prices posted their biggest year-over-year decline since 1950.
An impressive Wall Street streak is on the line as we enter the week's final trading day.
Thursday's modest gains put the major averages on the plus side for the week, and if the Dow, the S&P 500, and the Nasdaq can hold those gains today, they'll chalk up their fifth consecutive weekly advance. The Dow and the S&P 500 closed at 2009 highs Thursday and now stand at their highest level since October.
Consumer prices were flat in July from June, but tumbled 2.1 percent from July 2008, its largest decline since January 1950.
Still to come: A reading on industrial prouction at 9:15 am ET and consumer sentiment at 9:55.
Economists expect to see a 0.2 percent rise in production, and capacity utilization of 68.1 percent, down from June's reading of 68.2 percent.
As for the University of Michigan's consumer sentiment index, forecasters are calling for a reading of 69.0, compared to June's final reading of 70.8.
Retailer Nordstrom could be a stock to watch today — it matched estimates with its latest earnings, but did raise its forecast for the year.
Two other retailers — JC Penney and Abercrombie & Fitch — will release their latest quarter numbers before this morning's opening bell.
We'll also watch shares of Southwest Airlines , after it unexpectedly lost the bankruptcy court auction for Frontier Airlines .
A bid from rival Republic Airways was selected over Southwest's, after Republic sweetened its offer, and Southwest ran into problems securing pilots union approval for the deal.
- Peter Schacknow contributed to this report.