A.M. Update

S&P futures are down -0.4%. Retail Sales rose 3.0% in January, above expectations (consensus 2%) following a 1.1% decline in December. Retail sales, excluding autos, rose 2.3% in January (consensus 0.8%) following a revised 0.9% decline in December (from 1.1%). The Empire State Manufacturing index rose to -5.8 (consensus -19.0) from -32.9 in December. The…