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Stocks set for a bounce as retail sales, Citigroup lend support

  • Stock futures turn solidly higher after better than expected data from retail sales and earnings from Citigroup that exceeded expectations; S&P and Nasdaq +0.6%, Dow +0.4%.
  • The late climb in U.S. futures lifts European markets off their lows after sizable losses earlier in the session resulting from a weekend escalation of tensions in Ukraine; Asian markets ended on a mixed note.
  • The March retail sales data reinforces the notion that soft economic data earlier in the year was attributable to poor weather, and Citi +4% premarket after Q1 earnings and revenue came in ahead of analyst estimates.
  • Treasurys hold slim losses, with the benchmark 10-year yield up 1 bp at 2.64%.
  • Still ahead: business inventories.
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