Domestic stocks marched higher Thursday amid lingering optimism after the U.S. signed a preliminary trade deal with China.
8:30 a.m. ET: Retail sales rise 0.3% in December, matching expectations
Headline retail sales rose by an expected 0.3% in December, according to the Commerce Department’s advance monthly report. This matched November’s upwardly revised pace.
Headline retail sales were weighed down by weak automobile sales. which fell 1.3% from November. Excluding auto sales, retail sales rose 0.7%, greater than the 0.5% rise expected, according to Bloomberg-compiled consensus data. Excluding auto and gas sales, retail sales rose 0.5% after a 0.2% decline in November.
7:47 a.m. ET: Morgan Stanley stock climbs after earnings beat
Morgan Stanley (MS) handily topped consensus expectations on nearly every major metric in the fourth quarter, bringing its full-year revenues and net income to all-time highs.
The bank delivered adjusted earnings of $1.20 a share on net revenue of $10.86 billion, versus consensus estimates for adjusted earnings of 73 cents a share on net revenue of $9.73 billion.
As with other major financial institutions reporting this week, Morgan Stanley’s bond-trading revenue came in well ahead of expectations as fixed-income trading picked up across Wall Street at the end of 2019 versus 2018. And net interest income, a closely watched metric that captures customer loan payments less the amount companies pay depositors, also topped expectations at $1.43 billion, versus the $1.02 billion anticipated.
Shares of Morgan Stanley rose 2.02% to $54.00 each as of 7:47 a.m. ET.
7:31 a.m. ET: S&P 500 on track to open at record high
Stock futures rallied Thursday morning, building on records from a day earlier after the signing of a phase one U.S.-China trade deal. The S&P 500 was poised to open at a record high.
On Thursday, traders digested earnings results from companies including Morgan Stanley (MS) and Taiwan Semiconductor Manufacturer (TMS) and awaited the Commerce Department’s report on December retail sales due at 8:30 a.m. ET.
Here were the main moves during the pre-market session, as of 7:29 a.m. ET:
S&P futures (ES=F): 3,305, up 11.25 points or 0.34%
Dow futures (YM=F): 29,112, up 83 points or 0.29%
Nasdaq futures (NQ=F): 9,100.00, up 40 points or 0.44%
Crude oil (CL=F): $57.59 per barrel, down $0.22 or 0.38%
Gold (GC=F): $1,555.90 per ounce, up $1.90 or 0.12%
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