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On April 16, 2021, the New York Stock Exchange is seen in the Manhattan borough of New York City, New York, United States. Carlo Allegri/File Photo/REUTERS 16 JULY (Reuters) – Investors piled into economically sensitive oil, banks, and travel sectors ahead of critical retail sales data that would provide light on the strength of the economic recovery, pushing U.S. stock index futures higher on Friday. The Commerce Department’s report, which is set to be released at 8:30 a.m. ET, is expected to reveal that retail sales in the United States increased moderately in June after falling 1.3 percent in May. Markets have mostly applauded a gradual improvement in the labor market this year, but fears of higher inflation as a result of a faster-than-expected comeback have dampened sentiment, with investors swinging between “value” and tech-heavy “growth” names in recent sessions. Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), and Bank of America Corp (BAC.N) all saw their stock prices jump between 0.2 percent and 0.3 percent, reflecting the rise in the benchmark 10-year Treasury yield. Chevron Corp (CVX.N), Diamondback Energy Inc (FANG.O), Exxon Mobil Corp (XOM.N), Halliburton Co (HAL.N), Schlumberger NV (SLB.N), and Occidental Petroleum Corp (OXY.N) all saw gains of 0.7 to 0.9 percent. However, the S&P 500 energy sector index (.SPNY) has lost 5% this week and is the worst performer among the 11 key sectors, trailed by consumer discretionary (.SPLRCD) and materials (.SPLM) (.SPLRCM). On the other hand, defensive utilities (.SPLRCU), real estate (.SPLRCR), and consumer staples (.SPLRCS) were the top gainers, as a global surge in coronavirus cases, headed by the new Delta variety, revived fears of a slowing economy. This weekend, Los Angeles County will reimpose its mask mandate, the latest indicator that public health officials are grappling with an increase in cases reaching alarming proportions in several regions of the country. find out more Dow e-minis were up 15 points, or 0.04 percent, at 6:41 a.m. ET, while S&P 500 e-minis were up 2.75 points, or 0.06 percent, and Nasdaq 100 e-minis were up 18 points, or 0.12 percent. Moderna Inc (MRNA.O) rose 7.8% after S&P Dow Jones Indices announced that the drugmaker will replace Alexion Pharmaceuticals in the S&P 500 index (.SPX) as of July 21. (ALXN.O). find out more Alexion’s stock increased by 0.4 percent. Didi Global Inc (DIDI.N) fell 6.3 percent after China dispatched inspectors from at least seven ministries to inspect the ride-hailing giant’s cybersecurity. find out more After a media report that Intel Corp (INTC.O) is in talks to buy semiconductor producer GlobalFoundries Inc for roughly $30 billion, the chipmaker gained 0.9 percent. find out more Devik Jain contributed reporting from Bengaluru, and Maju Samuel edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

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