Seeking Alpha

Stock futures edge lower after soft data, oil shoots higher on Iraq tensions

  • Stock futures point to a cautious start after U.S. weekly jobless claims and May retail sales missed estimates; Dow -0.1%, S&P and Nasdaq -0.2%.
  • Crude oil shoots higher amid rapidly escalating violence in Iraq: July Brent crude jumps 2.1% while WTI for the same month gains 1.9% at $106.34.
  • Major European bourses hold small gains, while markets finished mostly lower across Asia as yesterday's World Bank revisions to global growth weighed.
  • Lululemon -16% premarket after weak FQ2 and full-year guidance.
  • Treasury prices are higher in reaction to the U.S. economic data; the benchmark 10-year yield is lower by 2 bps at 2.63%.
  • Still ahead: business inventories, EIA natural gas inventories.
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