Stocks May Open Higher Following Slew Of Economic Data - U.S. Commentary

(RTTNews) - After ending the previous session mixed, stocks may move to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 66 points.

The upward momentum for the markets comes as traders digest a slew of U.S. economic data ahead of the Federal Reserve's monetary policy announcement next week.

A report released by the Commerce Department unexpectedly showed a modest decrease in retail sales in the month of August.

The Commerce Department said retail sales dipped by 0.3 percent in August following a revised 0.1 percent uptick in July. Retail sales had been expected to remain unchanged.

Excluding a drop in auto sales, the report said retail sales edged down by 0.1 percent in August after falling by 0.4 percent in July. Economists had expected ex-auto sales to rise by 0.3 percent.

Meanwhile, the Labor Department released a report showing that wholesale prices held steady in the month of August.

The Labor Department said its producer price index for final demand was unchanged in August after falling by 0.4 percent in July. Economists had expected prices to inch up by 0.1 percent.

Excluding food and energy prices, core producer prices ticked up by 0.1 percent in August following a 0.3 percent drop in July. The modest increase in core prices matched economist estimates.

A separate report from the Labor Department showed a slight uptick in initial jobless claims in the week ended September 10th.

Shortly before the start of trading, the Fed is also scheduled to release its report on industrial production in the month of August. Production is expected to edge down by 0.2 percent.

Following the substantial volatility seen in recent sessions, stocks turned in a relatively lackluster performance during trading on Wednesday. The major averages moved to the upside early in the session but showed a lack of direction as the day progressed.

The major averages eventually closed on opposite sides of the unchanged line. While the Nasdaq rose 18.52 points or 0.4 percent to 5,173.77, the Dow slipped 31.98 points or 0.2 percent to 18.034.77 and the S&P 600 edged down 1.25 points or 0.1 percent to 2,125.77.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index slumped by 1.3 percent, while Hong Kong's Hang Seng Index climbed by 0.6 percent.

The major European markets have also turned mixed on the day. While the French CAC 40 Index has edged down by 0.1 percent, the German DAX Index is just above the unchanged line and the U.K.'s FTSE 100 Index is up by 0.3 percent.

In commodities trading, crude oil is rising $0.29 to $43.87 a barrel after tumbling $1.32 to $43.58 a barrel in the previous session. Gold futures are currently trading at $1,326.80 an ounce, up $0.70 from the previous session's close of $1,326.10 an ounce. On Wednesday, gold rose $2.40. On the currency front, the U.S. dollar is trading at 102.37 yen compared to the 102.43 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1255 compared to yesterday's $1.11250.