US pre-open: Stocks seen slightly higher; retail sales data eyed

US futures pointed to a slightly firmer open on Wall Street amid rallying oil prices, as investors looked to the release of manufacturing and retail sales figures.

At 1100 GMT, Dow Jones Industrial Average futures were up 0.1%, while S&P 500 and Nasdaq futures were 0.2% and 0.3% higher, respectively.

Meanwhile, oil prices rose, bouncing back from three sessions of losses amid hopes that OPEC will agree a production cut at its meeting later this month. West Texas Intermediate was up 2.8% to $44.55 a barrel and Brent crude was up 2.4% to $45.51.

CMC Markets’ Jasper Lawler said: “Stocks in the US look set for a higher open with the Dow Jones eyeing its seventh day of gains, this time in line with higher oil prices."

In currency markets, the pound slid towards 1.2400 against the greenback after data from the Office for National Statistics showed the consumer prices index fell to 0.9% in October from 1% in September, below economists’ expectations of a nudge up to 1.1%.

In corporate news, Estee Lauder was likely to be in focus after agreeing to buy makeup brand TooFaced for about $1.45bn.

American Airlines, Delta Air Lines and United Continental Holdings all flew higher as it emerged late on Monday that Berkshire Hathaway has bought stakes in the companies.

Home Depot and Dick’s Sporting Goods were among the companies slated to report earnings before the open.

On the data front, Empire State manufacturing is at 1330 GMT, along with retail sales figures.

Societe Generate expects the retail sales data to show growth of 0.7% month-on-month in October.

“While auto sales and gasoline station sales should have remained strong, the main driver of the October rebound should be control group sales, with a 0.5% month-on-month increase. The latter has seen an exceptionally weak Q3, with marked slowdowns in non-store retailers, grocery stores and health stores. We expect a better performance across the board in October for the control group,” the French bank said.

Investors will also watch out for a speech by Boston Fed President Eric Rosengren to the chamber of commerce in Portland at 1230 GMT. In addition, Federal Reserve governor Dan Tarullo is set to discuss the economy at The Wall Street Journal’s CEO Council conference in Washington.