* China Oct retail sales grew more than expected
* Alibaba up after strong Singles’ Day sales reports
* Macys down after weak quarterly sales
* Futures up: Dow 59 pts, S&P 6.5 pts, Nasdaq 13.5 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Nov 11 (Reuters) - Wall Street looked set to open higher on Wednesday after data from China appeared to make a case for further stimulus measures from Beijing, even as investors brace for a possible hike in U.S. interest rates in December.
Industrial production in China grew at its slowest pace in seven months in October, in another sign of deflationary pressure in the world’s second-largest economy.
However, retail sales for the same month expanded more than expected as consumer sentiment remained strong.
E-commerce giant Alibaba provided further evidence that the Chinese consumer remains upbeat.
Alibaba, whose shares were up 1.4 percent at $82.55 in premarket trading, said sales in its Singles’ Day online shopping festival had crossed last year’s record of $9.3 billion after just 12 hours.
Closer to home, Macy’s shares were down 8.6 percent at $42.99 after it reported a 3.6 percent decline in quarterly same-store sales. Analysts had expected a rise.
In contrast, JC Penney’s stock was up 6.9 percent at $9.28 after it reported a 6.4 percent rise in same-store sales.
At 8:35 a.m. ET (1335 GMT), S&P 500 e-minis were up 6.5 points, or 0.31 percent, with 124,205 contracts traded. Nasdaq 100 e-minis were up 13.5 points, or 0.29 percent, on volume of 21,608 contracts, while Dow e-minis were up 59 points, or 0.33 percent, with 17,785 contracts exchanged.
U.S. bond markets are closed on Wednesday for Veteran’s Day.
“Volumes will likely be muted and the overall disposition of the market will be somewhat muted as well, taking cues from some of the overseas markets,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank in New York.
U.S. stocks closed mostly higher on Tuesday, with the S&P 500 snapping a four-day losing streak, as gains in consumer discretionary stocks offset a slide in Apple’s shares amid concerns about demand for its new iPhones. Apple’s shares were down 0.5 percent at $116.22 in premarket trading.
Apache Corp fell 7.1 percent to $49.54 after Anadarko Petroleum confirmed its offer to buy the company had been rejected. Anadarko was up 2.7 percent at $65.
Horizon Pharma slumped 18.7 percent to $18.20 after prescription drug plan manager Express Scripts removed a pharmacy connected to Horizon from its network.
Media General was up 3.3 percent at $15.80 after Bloomberg reported that the regional TV broadcaster was leaning towards agreeing to be bought by Nexstar, instead of proceeding with its plan to buy Meredith Corp . (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Ted Kerr)