Stock futures fall to fresh session lows and then extend their losses (S&P futures -25.60, Nasdaq futures -29.80) as retail sales and an inflation readings hits the wires. September retail sales fell 1.2% month-over-month (consensus -0.7%), marking the third consecutive decline as consumers curtail spending in the face of economic headwinds. Excluding autos, retail sales fell 0.6% (consensus -0.2%). The September Producer Price Index fell 0.4% month-over-month (consensus -0.4%), benefiting from easing commodity prices. Excluding food and energy, PPI rose 0.4% month-over-month (consensus +0.2%). Compared to last year, PPI is up 8.7% (consensus +8.6%) and PPI excluding food and energy is up 4.0% (consensus +3.8%). Crude Prices are down 4.4% to $75.17 per barrel, with prices hitting their lowest level since August 2007. Dollar Libor -- the rate which banks charge each other for short-term dollar loans -- fell modestly across all terms for the second straight day, indicating that credit markets are slowly improving.
In earnings news, Coca-Cola (KO), CSX (CSX), Abbott Labs (ABT), Intel (INTC) and State Street (STT) all reported better-than-expected earnings growth. JPMorgan Chase (JPM) reported a loss of $0.06 per share before extraordinary gains, and earnings of $0.11 per share including items. Wells Fargo (WFC) posted earnings of $0.49 per share, which topped expectations by $0.08.