Investing.com – Buyers of U.S. stocks seemed to lack conviction on Friday with Wall Street futures pointing to a lower open and while investors looked ahead to signs of consumer sentiment after the recent debacle in retail earnings.
The blue-chip Dow futures dropped 63 points, or 0.36%, by 10:46GMT, or 6:46AM ET, the S&P 500 futures fell 7 points, or 0.32%, while the tech-heavy Nasdaq 100 futures traded down 13 points, or 0.31%.
A recent string of disappointing earnings from U.S. retailers that began this week with Macy’s continued after hours on Thursday.
Nordstrom Inc (NYSE:JWN) plummeted more than 15% in the pre-market on declining profits and a lower outlook, while Dillards Inc (NYSE:DDS) tumbled more than 5% on its own disappointing report.
In that light, investors waited for JC Penney’s own earnings before the bell to see if the dismal trend in retail profit for the first three month of the year continues.
More importantly, market participants will have a glimpse into the start of the second quarter with the release of April retail sales at 12:30GMT, or 8:30AM ET, followed by the Michigan consumer sentiment for May at 14:00GMT, or 10:00AM ET.
In other data, April producer prices will also grab market attention at 12:30GMT, or 8:30AM ET, while March business inventories will be released at 14:00GMT, or 10:00AM ET.
Elsewhere, crude prices fell on Friday as the dollar continued to rise, making fuel imports for countries with currencies other than the greenback more expensive, and as Russia warned that the global supply glut could last into next year.
U.S. crude futures fell 1.54% to $45.98 by 10:47AM GMT, or 6:47AM ET, while Brent oil traded down 01.39% to $47.41.