Wall Street set for weak opening
Investors on edge as stocks near bear territory; oil prices jump to new record above $143 a barrel.
NEW YORK (CNNMoney.com) -- Stocks looked set to kick off a shortened week with a rough open Monday as worries about the start of a bear market and soaring oil prices rattled investors.
At 8:15 a.m. ET, Nasdaq and S&P futures were lower, with a comparison to fair value suggesting a weak open.
Stocks tumbled Friday, sending the blue-chip Dow Jones industrial briefly into bear territory, or to levels at least 20% below their highs from last fall.
The shortened trading week could add volatility. U.S. markets will be closed Friday for July 4.
Monday marks the end of the second-quarter, which could also make for rocky trading as institutional investors engage in so-called portfolio dressing ahead of quarterly reports.
"It's going to be another big day," said Art Hogan chief market analysts at Jefferies & Co. "We're going to follow the price of oil and we're going to go in the opposite direction."
Energy Oil prices surged to an all-time high as investors remained wary of the softening dollar and global supply concerns.
In electronic trading, U.S. crude for August delivery was up $2.40 to $142.61 a barrel. The contract reached a high of $143.67 earlier in the session. (Full Story)
Gas prices, meanwhile, have hit an all-time high of $4.086 a gallon on average nationwide, according to motorist group AAA. (Full Story)
Economy An index measuring business activity in the Midwest is due out shortly after the opening bell.
The Chicago Purchasing Managers Index is expected to show that business conditions in Illinois, Michigan and Indiana continued to decline in June at the same rate it did in May.
Economists expect the index to register 48.5 in June, down from May's reading of 49.1, according to a poll conducted by Briefing.com.
Other key economic reports due out later this week include: The Institute of Supply Management's (ISM) index of purchasing managers on Tuesday and the government's report on nonfarm payrolls on Thursday.
Company news Shares of Merrill Lynch (MER, Fortune 500) were lower in pre-market trading after an analyst cut her financial forecast and price target for the investment bank.
Analyst Lauren Smith of Keefe, Bruyette & Woods Inc. now expects Merrill to lose $1.56 per share during the second quarter, compared with a previous estimate of earnings of 38 cents per share. But the estimate does not include a $350 million previously announced charge for severance costs.
RealNetwork's (RNWK) Rhapsody music service announced the opening of its MP3 store, a move aimed at taking on Apple's (AAPL, Fortune 500) popular iTunes service. (Full Story)
Tax preparer H&R Block Inc (HRB). says it swung to a fourth-quarter profit, helped by a record-setting tax season and the sale of its troubled mortgage arm.
The company reported adjusted earnings per share of $2.11 compared to a loss of 26 cents per share last year. Analysts were expecting a profit of $2.03 per share.
Other markets In global trade, Asian markets ended the session mixed. European stocks fell in early trading.
Bond prices eased with the benchmark 10-year note yielding 3.98, down from 3.96 on Friday.
The euro fell to $15748 from $1.5790 late Friday. The dollar slipped to 105.6 Japanese yen from 106.12 the day before.
Gold prices rose $2.20 to $933.50 an ounce in pre-market electronic trading. 
