Stocks set for opening drop
Futures decline as investors worry about financial sector woes. Oil rebounds from big selloff.
NEW YORK (CNNMoney.com) -- Stocks appeared poised for losses at the start of Friday's session as investors kept an eye on oil prices and worries about financial firms persisted.
At 8:10 a.m. ET, Nasdaq and S&P futures were lower, with a comparison to fair value suggesting a negative open for Wall Street.
Trading is likely to be volatile as stock futures and options and stock index futures and options all expire simultaneously Friday - a situation known as "quadruple witching."
"The market will be all over the map today," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams. "There will be a lot of options covering."
Stocks finished Thursday's session higher after oil prices skidded. But crude prices rebounded early Friday, ahead of a special summit on oil prices that Saudi Arabia will convene this weekend.
Crude for July delivery added $2.72 to $134.65 a barrel in electronic trading. Crude prices sank nearly $5 a barrel Thursday after China said it would hike fuel prices.
With no major economic reports on tap, ongoing worries about economic weakness and the fallout from the credit crunch could pressure sentiment. Investors may also be on edge ahead of the Fed's upcoming two-day meeting, which starts next Tuesday.
Companies: Moody's Investor Service said it has lowered its credit rating on bond insurers MBIA (MBI) and Ambac Financial Group (ABK). The ratings agency cut MBIA's "Aaa" rating to "A2" and Ambac's "Aaa" rating to "Aa3" amid concerns about the companies' financial strength.
A Wachovia (WB, Fortune 500) investment unit has liquidated a fund that specialized in mortgage-backed securities worth $403 million, the Wall Street Journal reported.
The news comes amid fears about Wachovia's financial health after the company slashed jobs and announced the departure of its chief executive earlier this month.
Yahoo (YHOO, Fortune 500) is planning a major reorganization of its business, according to the Journal. The report comes amid a flurry of executive departures at the tech firm, which announced last week that merger talks with Microsoft (MSFT, Fortune 500) had failed.
Continental (CAL, Fortune 500) and UAL Corp.'s (UAUA, Fortune 500) United Airlines announced a marketing alliance Thursday that they hope will help raise revenue to offset rising fuel costs.
Live Nation (LYV) is negotiating the exit of its chairman, Michael Cohl, the Wall Street Journal reported late Thursday.
Other markets: In global trade, stocks in Asia fell for a second straight session. European markets drifted lower in morning trading.
The dollar fell against the euro as investors await decisions on interest rates from the European Central Bank and the Federal Reserve. 
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