U.S. Stocks May Extend Yesterday’s Rebound Following Slew Of Economic Data

Stocks showed a significant rebound from Tuesday’s sell-off during Wednesday’s session and may see further upside in early trading on Thursday. The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.2 percent.

The futures edged higher following the release of a slew of U.S. economic data, including a Commerce Department report showing retail sales fell by much more than expected in the month of January.

The Commerce Department said retail sales slid by 0.8 percent in January after climbing by a downwardly revised 0.4 percent in December.

Economists had expected retail sales to edge down by 0.1 percent compared to the 0.6 percent increase originally reported for the previous month.

Excluding sales by motor vehicle and parts dealers, retail sales fell by 0.6 percent in January after rising by 0.4 percent in December. Ex-auto sales were expected to rise by 0.2 percent.

Treasury yields have moved lower following the release of the report, potentially signaling renewed optimism about the possibility of near-term interest rate cuts.

Meanwhile, the Labor Department released a separate report showing an unexpected decline in first-time claims for unemployment benefits in the week ended February 10th.

The report said initial jobless claims fell to 212,000, a decrease of 8,000 from the previous week’s revised level of 220,000.

Economists had expected initial jobless claims to inch up to 220,000 from the 218,000 originally reported for the previous week.

The Labor Department also released a separate report this morning showing an unexpected increase U.S. import prices in the month of January.

The report said import prices climbed by 0.8 percent in January after falling by a revised 0.7 percent in December. Economists had expected import prices to come in unchanged, matching the flat reading originally reported for the previous month.

The Labor Department said export prices also advanced by 0.8 percent in January…