U.S. stock futures advanced Thursday morning, pointing to a higher open on Wall Street as investors await retail chain stores sales figures and more employment figures.Generally, investors expect retail sales to be mixed as the retail sector grapples on the one hand with positive indicators such as improved consumer confidence and a slowing rate of decline in consumer spending, and negatively affecting indicators such as the absence of last year's rebate checks, record-high unemployment rate, a gradual pickup in gasoline prices and continued declines in big-ticket, discretionary spending.
Overseas, Asian markets finished mostly lower, while European stock markets edged higher Thursday after two days of losses as investors positioned themselves for key statements on central bank plans and new jobs data. The European Central Bank and the Bank of England will be reporting their policy decisions later today. While no interest rate move is really expected, it is the economic outlook investors will be interested to hear about as well as the outlook for the euro and other monetary policy moves.
Meanwhile, oil prices rose to above $67 a barrel Thursday, resuming a three-month rally after a jump in U.S. crude inventories triggered a sharp pullback a day earlier.
Investors will also be interested in the Obama administration plans to overhaul financial regulation which, according to Reuters, will be unveiled on June 17.
Finally, at 8:30 a.m., first quarter unit labor cost statistics will be released, as well as weekly initial jobless claims. Meanwhile, Wal-Mart Stores Inc. (NYSE: WMT) said it will create 22,000 U.S. jobs this year.
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