Stocks set for an early slide
U.S. markets seen opening lower as Wachovia CEO prepares to step down; investors await manufacturing report.
NEW YORK (CNNMoney.com) -- U.S. stocks were set to open lower Monday, with investors wary ahead of a week of new signals about the economy's condition, and Wachovia's board getting ready to force out its CEO.
At 8:00 a.m. ET, Nasdaq and S&P futures were lower.
Wachovia The banking giant Wachovia Corp. (WB, Fortune 500) said on Monday that Chief Executive Ken Thompson will step down at the request of the board, following a series of missteps. The stock slipped about 1% in pre-market trading.
Economy: The Institute for Supply Management issues its monthly report on manufacturing activity at 10 a.m. ET. Economists surveyed by Briefing.com expect the manufacturing index to decline to 48 for May from 48.6 in April. If so, it would be the fourth straight reading below 50, the level that signifies expansion in the sector.
The week will be capped Friday by the May employment report, which is expected to show a loss of 52,000 jobs, the fifth straight decline. The May unemployment rate is expected to edge up slightly from the prior month, to 5.1% from 5%.
Markets Oil prices were treading water at $127 a barrel in electronic global trading, as concerns about supply growth in Asia counter indications of weakened demand in the United States and other nations due to high energy prices. Oil is down from Friday close of $127.35 on the New York Mercantile Exchange, and its May 22 record of $135.09.
The trading follows comments from U.S. Treasury Henry Paulson on Sunday in Qatar, when he told reporters there was no "quick fix" for high oil prices, according to the AP.
The dollar strengthened against the euro and yen in European trading. Asian stocks gained ground, with Tokyo's Nikkei index up 0.7%. European stocks began the day lower.
Best Buy The electronics retailer was unveiling a program Monday that would allow customers to bring in old TV sets and other gadgets so that they can be properly disposed, and not poison the nation's landfills. Stock (BBY, Fortune 500)
ImClone The biotech's price edged up 1% in pre-market trading, after the New York company unveiled study results on Sunday showing that its drug Erbitux extended survival in lung cancer patients by one month. Stock (IMCL) 
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