Stocks aim for recovery
Futures nudge higher after massive selloff on Wall Street; Lehman plans to raise $6 billion and expects $2.8 billion quarterly loss.
NEW YORK (CNNMoney.com) -- Stock futures rose Monday as investors aimed to recover from a dramatic selloff on Wall Street and digested news coming out of investment banking giant Lehman Brothers.
At 8:34 a.m. ET, Nasdaq and S&P futures were higher and indicating a positive start for stocks.
Lehman Brothers (LEH, Fortune 500), the fourth-largest investment bank, said on Monday that it will raise $6 billion through the issuing of stock, to help make up for an expected loss of $2.8 billion in the second quarter. Lehman's shares dropped 11% in pre-market trading.
Stocks tumbled Friday, with the Dow losing 395 points, or 3.1%. It was the blue-chip index's biggest one-day decline on both a point and percentage basis since February 2007.
Investors were spooked last week by soaring oil prices, which jumped more than $11 a barrel during Friday's session. Crude prices lost $1.37 to $137.17 a barrel in electronic trading.
But the price of gasoline continued to climb to sky-high levels. The nationwide average for gasoline prices rose to $4 a gallon on Sunday for the first time ever, and set a new mark of $4.023 a gallon Monday, according to AAA.
At 10 a.m., the National Association of Realtors reports on pending home sales for April, a measure of housing contract activity. Sales are expected to have dipped 1%.
Also at 10 a.m., the Conference Board, a business research organization, is expected to issue a new report on the economy.
Asian stocks finished the session sharply lower and European shares were higher in morning trading.
The U.S. dollar slipped against the euro but strengthened against the yen. 
