June 13, 2012-Markets Look To US Retail Sales for Direction

Wall Street is set to start Wednesday's session lower, as the U.S. retail sales report for May came in flat. Sentiment across the Atlantic is also weak, as debt crisis remains unattended, giving rise to contagion fears. The situation in Spain and Greece is still fluid and nervousness about these nations and a few others is evident in the form of higher bond yields. As of 6:30 am ET, the Dow futures are slipping 6 points and the S&P 500 futures are down 2 points, while the Nasdaq 100 futures are declining 2.75 points. U.S. stocks rebounded on Tuesday despite the lingering eurozone and domestic economic worries. Bargain hunting resulted in some buying in the markets. On the economic front, the Commerce Department released its retail sales report for May, meeting economists estimate a 0.2 percent drop in retail sales and a 0.1 percent dip in retail sales that exclude autos. On the other hand, sales, excluding autos and gasoline, may have risen 0.4 percent.