NEW YORK (CBS.MW) -- Signs that steamy consumer demand is tapering off took the futures markets sharply higher Thursday and pointed to an open on the plus side for U.S. stocks.
Signs of strength were seen in the technology arena in particular, which has been in a slump for the past three trading sessions.
June S&P 500 futures rose 16.50 points, or 1.2 percent, and were trading approximately 14.10 points above fair value. Nasdaq futures jumped 89.50 points, or 2.8 percent.
April retail sales fell 0.2 percent, the first dip since August 1998. That compared to expectations for a 0.4 percent increase. Excluding the volatile autos component, retail sales were flat for the month.
This economic report may take some pressure off the Federal Reserve -- which will meet next Tuesday to decide whether to further raise short-term rates -- as one of the main concerns of central bankers has been huge consumer demand. See full story and view economic calendar and forecasts and historical economic data.