NEW YORK (CNNMoney.com) -
Stocks could get a chill from higher oil prices in early trading Monday.
U.S. stock futures were down, indicating a lower opening for stocks.
Oil prices topped the $60 a barrel mark as colder weather and the first significant snow of the season hit the Northeast, with forecasts for even more wintry weather in the next few days.
The January light crude futures contract for NYMEX gained 89 cents to $60.21 a barrel in electronic trading, while the January contract for Brent crude was up 99 cents to $58.04.
"A little snow on the ground and we get oil knocking at $60," said Peter Cardillo, chief market strategist SW Bach. "I think what we're here seeing here a little hesitation, a little fear factor before the rally resumes. But I think we could be in for a mixed to higher session, with techs and energy stocks leading the way."
Major markets in Asia closed mixed Monday as Japan's Nikkei continued its recent rally on the yen falling to a 32-month low against the dollar. But major European markets were lower in early trading.
Treasury prices were lower, lifting the yield on the 10-year note to 4.54 percent from the 4.51 percent level late Friday. The dollar gained ground against the euro and the yen.
In corporate news, Verizon Communications (Research), the nation's No. 1 telecom, said late Sunday it would look at selling or spinning off its phone book unit. The Wall Street Journal estimates the deal could be worth $17 billion.
Trade publication Automotive News reported Monday that Ford Motor (Research) plans to close more than eight North American assembly and parts plants, a far deeper cutback than reported earlier.
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