US stocks see tepid moves after retail sales data

Stock futures show a varied start as investors monitor Middle East conflicts, retail earnings and upcoming Fed rate expectations.

U.S. stock futures were mixed today. Dow Jones Industrial Average futures slid 59 points (0.11%). S&P 500 futures and Nasdaq 100 futures climbed 0.1% and 0.35%. The US markets saw tepid moves on Friday. The S&P 500 eased 0.2% following a report that showed shoppers spent less at US retailers last month. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite shed 0.3%. US retail sales fell in July for the first time since April, when the US Census Bureau resumed reporting data after last year?s two-month government shutdown. Revenue dipped 0.6% ? adjusted for seasonal variation ? from the previous month to $763.6 billion, based on data the US Census Bureau.

Oil prices rose as investors weighed on-going geopolitical risks, with the U.S.-Iran conflict showing no signs of a diplomatic resolution. Brent crude futures for October delivery rose 0.76% to $89.19 a barrel, while U.S. West Texas Intermediate crude futures for September delivery added 0.55% to $82.85 per barrel.

The stock market has continued to climb in the face of on-going hostilities in the Middle East, as well as concerns around the artificial intelligence trade. A slew of retail earnings are also on tap, with Walmart results due out Thursday. Investors will be watching for the August Empire State manufacturing index, as well as the NAHB Housing Market Index for August.

In Asia, markets started the week mixed. Japan?s Nikkei 225 was flat while Australia?s benchmark S&P/ASX 200 declined 0.23%. Hong Kong?s Hang Seng Index advanced 1.4%, and mainland China?s CSI 300 edged 0.13% higher. South Korean markets were closed for a holiday.

The 10-year U.S. Treasury note yield rose on Friday after the latest retail sales figures missed expectations and the U.S. said its naval blockade of Iranian ports could continue indefinitely. The 10-year yield ? the key benchmark for U.S. government borrowing ? rose more than 5 bps to 4.69%. The 2-year Treasury note yield which more closely tracks short-term Federal Reserve interest rate policy, added 3 bps to 4.17%. The longer-dated 30-year Treasury bond yield advanced nearly 6 bps to 5.26%.

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