S&P futures vs fair value: +4.1. Nasdaq futures vs fair value: +3.5.

After selling off across the board yesterday, stocks look poised to bounce back this morning. The modestly positive disposition, though, is certainly subject to change at the bottom of the hour when two key reports providing updates on inflation and consumer spending hit the wires. Given Thursday's disappointing same-store sales figures for April, Retail Sales data (8:30 ET) will garner added attention while the PPI report also carries market-moving potential given the Fed's repeatedly hawkish stance.