Stocks set for post-holiday slump
Futures point lower amid higher oil prices, while investors brace for consumer confidence, new home sales readings.
NEW YORK (CNNMoney.com) -- U.S. stocks were set to open lower Tuesday following the holiday weekend, as high oil prices and uncertainty about the economic outlook kept investors on edge.
Less than two hours before the open, Nasdaq and S&P futures were mixed, but lower compared to fair value, suggesting a negative start for Wall Street.
Stocks sank Friday amid surging oil prices and another weak reading on the housing market. U.S. markets were closed Monday for Memorial Day.
Oil rises again. Those concerns remained in focus Tuesday as crude prices rose 95 cents to $133.14 a barrel in electronic trading, supported by supply concerns and worries about the health of the U.S. economy. Gas prices followed, as the nationwide average for a gallon of regular unleaded rose to $3.937, up slightly from $3.936 the previous day, according to the motorist group AAA.
Investors were also awaiting a pair of readings on consumer confidence and new home sales are both due out at 10 a.m. ET.
Economists surveyed by Briefing.com forecast that the Conference Board's index of consumer confidence edged lower to 61 in May from 62.3. New home sales in April are expected to have slowed to an annual pace of 520,000 from 526,000.
Former Federal Reserve Chairman Alan Greenspan told the Financial Times Sunday that there is a better than 50% chance that the nation will endure a recession, despite signs of stability in the economy in recent weeks. He added that he expected home prices to fall by another 10% from where they stood in February.
Companies to watch include Borders Group (BGP). The bookseller, which has said it may put itself up for sale, is due to report quarterly results after the market close. The company launched Tuesday a site for selling books online, marking its return to Web retailing.
Mobile phone operator Vodafone (VOD) said its CEO Arun Sarin is stepping down. The surprise announcement came after the company reported swinging to a profit for the full year. Vodafone shares rallied 1% in London.
Overseas markets. In global trade, Asian stocks ended mostly higher. European shares mostly fell in late morning trading. U.K. markets were closed Monday.
The dollar gained against both the euro and the yen. 
-
A new top-of-the-line luxury sedan -- the finishing touch on a troubled brand's make-over. More -
Nissan, GM and Ford are placing their bets in the high-stakes game of electric driving. More -
Not even ultra-dapper President Obama could help Hartmarx, the Chicago-
based clothing maker. More -
The company has gone to the chickens despite producing 42 million dozen table eggs per year. More -
This Bay-area town sought assistance after plunging property tax revenue left coffers empty. More
