US STOCKS-Futures retreat as China data disappoints

US STOCKS-Futures retreat as China data disappoints

Reuters  | Aug 14, 2020 18:50

US STOCKS-Futures retreat as China data disappoints

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* Futures fall: Dow 0.53%, S&P 0.38%, Nasdaq 0.21%

By Ambar Warrick and Medha Singh
Aug 14 (Reuters) - U.S. stock index futures retreated on
Friday with attention turning to retail sales figures for signs
of a domestic rebound after Chinese figures pointed to a wobbly
economic recovery from the COVID-19 pandemic.
Aggressive stimulus measures have helped Wall Street's main
indexes bounce from a coronavirus-driven crash in March, and the
S&P 500 .SPX briefly traded above its Feb. 19 record close for
a second straight day on Thursday.
Still, the benchmark index has struggled to top its all-time
high of 3,393.52, also set on Feb. 19, on growing evidence of a
faltering labor market rebound. Data at 8:30 a.m. ET (1230 GMT)
is expected to show retail sales increased 1.9% last month after
jumping 7.5% in June.
Figures earlier in the day showed a slower-than-expected
rise in Chinese industrial production and a surprise fall in
retail sales. Negotiations between top Democrats and the White House over
more stimulus measures to support the economy, particularly the
battered jobs sector, have been a major point of focus.
Uncertainty over the timing of an agreement has undercut
sentiment in recent sessions.
At 6:08 a.m. ET, Dow e-minis 1YMcv1 were down 148 points,
or 0.53%. S&P 500 e-minis EScv1 were down 12.75 points, or
0.38% and Nasdaq 100 e-minis NQcv1 were down 23.25 points, or
0.21%.
Applied Materials Inc AMAT.O rose 3.0% premarket as it
forecast fourth-quarter revenue above analysts' estimates
following a rebound in demand for chip equipment and services.
Chinese search engine giant Baidu Inc BIDU.O posted
quarterly revenue a notch above estimates, but its shares slid
6% after its streaming service iQIYI IQ.O said it was being
probed by the U.S. Securities and Exchange Commission.

iQIYI shares dropped 11.4%.

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