Wall Street may follow the world higher
Gains in Europe and Asia could be echoed in the U.S. as investors react to rising commodity prices
NEW YORK (CNNMoney.com) -- Stocks were set for a higher open Monday, joining overseas markets, as the surge in commodity prices -- including another record for gold -- continued.
Dow Jones industrial average, S&P 500 and Nasdaq futures were all higher before the opening bell.
Futures measure current index values against the perceived future performance, offering guidance on stock performance, though they're not always an accurate barometer.
The U.S. markets are coming off a lackluster week in which the Dow finished up about a half percent, the Nasdaq dropped 1%, and the S&P ended slightly lower.
"I think the general bias has been for the market to grind higher," said Mark Luschini, chief investment strategist at Jamey Montgomery Scott. "I think, at the moment, it's the path of least resistance. We haven't seen any news on the economic front that would shift [investors'] belief that things haven't started to improve."
Luschini said he expects investors to load up on blue-chip stocks - "those larger, more stable companies" - to shore up their positions heading into the holiday season. He also said volume will probably be light during Thanksgiving week.
U.S. markets will be closed Thursday for Thanksgiving and will open for only a half-session on Friday.
Gold, oil and money: Gold continued to break records, hitting $1,165.50 an ounce in early Monday trading, up $18.50. Oil also rallied, with the January contract climbing 93 cents to $78.40 a barrel.
Commodity prices were driven, in part, by a weaker dollar, which slipped versus all major international currencies expect the yen.
World markets: The rally in commodities triggered gains in overseas stocks. In Europe, the leading British, French and German indexes were up more than 1.6% in early trading. Hong Kong's Hang Seng index finished 1.4% higher; Tokyo was closed for a holiday.
Companies: After the closing bell, Hewlett-Packard (HPQ, Fortune 500) will formally announce its quarterly financial results. Last week, the tech giant pre-announced those results, saying it earned $1.14 per share, excluding charges, on revenue of $30.8 billion.
Economy: The National Association of Realtors reports existing home sales for October at 10 a.m. ET. Sales of homes by homeowners are expected to have increased to an annual rate of 5.65 million last month from 5.57 million in September. 
