By Sara Sjolin, MarketWatch
U.S. stocks look set for their first gain in three days on
Wednesday, recovering from wobbles in the bond markets, as
investors look ahead to retail data that could further weaken the
case for a summer Federal Reserve rate hike.
Futures for the Dow Jones Industrial Average (YMM5) climbed 62
points, or 0.4%, to 18,091, while those for the S&P 500 index
(ESM5) gained 8.25 points, or 0.4%, to 2,103.25. Futures for the
Nasdaq 100 index (NQM5) added 21.50 points, or 0.5%, to
4,442.25.
On Tuesday, fluctuations in the bond market
(http://www.marketwatch.com/story/treasurys-rebound-from-early-rout-2015-05-12)
sent markets lower
(http://www.marketwatch.com/story/us-stocks-pare-losses-as-bonds-regain-poise-2015-05-12)
in Europe and the U.S. However, bond markets appeared to have
calmed down on Wednesday, with yields moving in tight ranges early
in the day.
Data: Monthly retail sales data is due at 8:30 a.m. Eastern
Time, expected to show growth of 0.1% in April, down from 0.9% in
March.
Such a slowdown would further underline the "general cooling of
economic data that has been coming out of America, and partially
[explain] why currency markets have generically pushed the date for
interest rate rises out to September," said Alastair McCaig, market
analyst at IG in a note.
Excluding auto sales, retail numbers are forecast to come in at
0.4%, the same pace of growth as seen in March.
Also due at 8:30 a.m. Eastern Time is the import-price index for
April. A report on March business inventories follows at 10 a.m.
Eastern.
There are no Federal Reserve speakers scheduled for
Wednesday.
Earnings: Department-store chain Macy's Inc.(M) is forecast to
report earnings of 62 cents a share for the first quarter,
according to FactSet estimates. It reports ahead of the bell.
Retailer Ralph Lauren Corp.(RL) is expected to report fiscal
fourth-quarter earnings of $1.32 a share.
After the market closes, Shake Shack Inc
(http://www.marketwatch.com/story/what-to-look-for-in-shake-shack-earnings-2015-05-12).(SHAK),
Cisco Systems Inc.(CSCO) and J.C. Penney Co.(JCP) are slated to
report.
Other markets: European markets moved firmly higher
(http://www.marketwatch.com/storyno-meta-for-guid), also recovering
from a bond-market-inspired slump on Tuesday. Additionally, fresh
growth numbers for the region showed the region's economy is
picking up
(http://www.marketwatch.com/story/eurozone-gdp-picks-up-boosted-by-france-italy-2015-05-13),
with France and Italy returning to expansion. Asian markets closed
mixed.
The dollar moved slightly lower against most other currencies,
while oil (http://www.marketwatch.com/storyno-meta-for-guid) and
most metals advanced.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires