3 Minutes to Read (Click LIVE/ or type LIVE/ in a news window for a Reuters live blog on U.S., UK, and European financial markets.) * Futures are on the rise: The Dow is up 0.04 percent, the S&P is up 0.06 percent, and the Nasdaq is up 0.12 percent. 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, JPMorgan Chase & Co, Goldman Sachs Group Inc, Morgan Stanley, and Bank of America Corp all increased between 0.2 and 0.3 percent in response to a jump in the 10-year Treasury yield. Chevron Corp, Diamondback Energy Inc, Exxon Mobil Corp, Halliburton Co, Schlumberger NV, and Occidental Petroleum Corp all saw their stock prices rise between 0.7 and 0.9 percent. The S&P 500 energy sector index, on the other hand, has lost 5% this week and is the worst performer among the 11 key sectors, trailed by consumer discretionary and materials. On the other hand, defensive utilities, real estate, and consumer staples were the top gainers, as a global surge in coronavirus cases, headed by the new Delta variety, revived fears of a slowdown in the 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. Dow e-minis were up 15 points, or 0.04 percent, at 6:41 a.m. ET, 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%. Moderna Inc surged 7.8% after S&P Dow Jones Indices announced that the company would replace Alexion Pharmaceuticals in the S&P 500 index as of July 21. Alexion’s stock increased by 0.4 percent. Didi Global Inc fell 6.3 percent after China dispatched state inspectors from at least seven departments to conduct a cybersecurity audit of the ride-hailing giant. After a media report that the chipmaker is in talks to buy semiconductor producer GlobalFoundries Inc for around $30 billion, Intel Corp gained 0.9 percent. (In Bengaluru, Devik Jain reported; Maju Samuel edited)/n
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