U.S. stock futures trimmed gains after government data showed retail sales trailed projections and jobless claims increased more than forecast, damping optimism in the economic outlook.
Futures on the Standard & Poor’s 500 Index expiring in March were up 0.2 percent at 1,290.3 at 8:32 a.m. in New York after climbing as much as 0.7 percent.
Jobless claims climbed by 24,000 to 399,000 in the week ended Jan. 7, Labor Department figures showed. The median forecast of 46 economists in a Bloomberg News survey projected 375,000. Retail sales climbed 0.1 percent in December following a 0.4 percent advance in November that was more than initially reported, Commerce Department figures showed. Economists forecast a 0.3 percent December rise, according to the median estimate in a Bloomberg News survey. Purchases excluding automobiles fell 0.2 percent.
U.S. futures followed European shares higher earlier today as Spain sold 10 billion euros ($13 billion) of bonds, twice the target for the sale, while Italy sold 12 billion euros of bills, easing concerns the countries would struggle to finance their debts. The European Central Bank held interest rates steady after two straight cuts as signs of respite from the sovereign debt crisis gave it scope to pause.
