U.S. stock-index futures gained, indicating the Standard & Poor’s 500 Index will rebound from two days of losses, as investors awaited a report that may show retail sales in the world’s largest economy rose in July. The report is due to be released at 1:30 pm London time along with the US import price index.
Futures on the Standard & Poor’s 500 Index expiring next month added 0.3% to 1,692.7 at 10:38 a.m. in London. Contracts on the Dow Jones Industrial Average advanced 59 points, or 0.4%, to 15,446 today.
Federal Reserve Bank of Atlanta President Dennis Lockhart will give a speech at 12:45 p.m. on the outlook for the U.S. economy. Lockhart said in an interview with Market News International on Aug. 7 that the Fed may reduce its bond purchases as early as September. “The progress to date is pretty impressive and certainly should be factored into the readiness of the economy to move forward without asset purchases,” he said in the article.
Apple added 0.4% to $469.22. The company will unveil a new iPhone at a Sept. 10 event, according to a person familiar with its plans. New iPads, including one with a thinner body and a mini version with a high-resolution screen will go on sale later, two people with knowledge said cited by Bloomberg. The revamp of iOS might also be released at the same date.
Marvell Technology gained 2% to $12.97. RBC Capital Markets raised its recommendation on the maker of chips for smartphones and computers to “top pick” from “outperform”.
Yum lost 4% to $71.50. The owner of the KFC and Pizza Hut chains said same-store sales in China declined 13% last month because people remained reluctant to eat chicken following an outbreak of avian flu. Analysts had predicted that revenue dropped 7.1% in July, according to the average of four projections compiled by Consensus Metrix.
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