Stocks poised for modest recovery
Futures suggest narrowly higher start; investors cautious as recession fears weigh on Wall Street; dollar drops anew.
NEW YORK (CNNMoney.com) -- Stocks pointed to a slightly higher open Monday, although the retreating dollar and economic concerns could lead to a shaky session.
Less than an hour before the start of trading, Nasdaq and S&P futures were narrowly higher, with a comparison to fair value suggesting a recovery from Friday's miserable session.
"I don't see anything that would suggest it's anything more than an oversold bounce starting to attract buyers," said Hugh Johnson, chairman of asset management company Johnson Illington Advisors.
Stocks closed at their worst levels in nearly 18 months on Friday after the government reported that employers cut 63,000 jobs in February, the biggest monthly cut in five years.
The report fanned recession fears but also raised expectations for the Federal Reserve to aggressively cut rates at its meeting next week.
The prospect of more Fed cuts sent the dollar to a three-year low against the yen. The greenback also declined versus the euro.
The economic calendar is fairly light, with only a reading on wholesale inventories due for release at 10 a.m. ET.
In major corporate news, the FBI is investigating mortgage lender Countrywide Financial Corp. (CFC, Fortune 500), a U.S. government official told CNN.
Investigators are looking into Countrywide's underwriting and mortgage origination practices, and whether the company misrepresented losses related to subprime loans. The story was first reported in The Wall Street Journal Saturday.
McDonald's (MCD, Fortune 500) reported higher sales in February at stores open at least a year. The company's overall results and numbers from its U.S. stores came in ahead of expectations.
Just a handful of companies are scheduled to report results Monday, including private equity firm Blackstone Group (BX), which will deliver its earnings before the opening bell. Home builder Hovnanian Enterprises (HOV, Fortune 500) is expected to post a loss when it reports its results after the market close.
Oil prices declined after last week's record run, helped by easing tensions between oil producers Venezuela and Colombia. Light, sweet crude for April delivery fell 55 cents to $104.60 a barrel in electronic trading.
Gas prices climbed more than 9 cents over the past two weeks to a national average of $3.20 per gallon of self-serve regular, according to a nationwide survey published Sunday.
Gold prices fell. COMEX gold for April lost $4.80 to $969.40 an ounce.
Worries about the U.S. economy carried over to global markets. Most Asian markets tumbled, with Japanese stocks closing at a 2-1/2 year low. European shares edged lower in midday trade. 
-
Anne Giapapas has a job in one of the 15 most overworked and underpaid professions. More -
These 5 businesses are offering their services -- from shoes to hair cuts -- to the unemployed. More -
These rising stars, like Facebook's Mark Zuckerberg, have great jobs to fill. Here's what they're looking for. More -
They graduated into the worst economy in decades. Here's how 11 grads are getting by. More -
Executives like News Corp. chairman James Murdoch raked it in. Where the other 19 rank. More -
These 5 cities have the fastest-growing foreclosure rates. And they're not the usual suspects. More
