Stocks could slip on oil, dollar
Stock futures lower as oil remains high despite retreat; weaker dollar sends overseas market sharply lower in Monday trading.
NEW YORK (CNNMoney.com) - A weak dollar and continued high oil prices could provide trouble for stocks in early trading Monday.
U.S. stock futures were slightly down in early trading, indicating a flat to slightly lower open for U.S. markets. While oil prices were slightly lower, they remained high in early trading as OPEC ministers met during a global energy summit.
The June light crude futures contract for NYMEX was down 60 cents to $74.57, in electronic trading, while the June contract for Brent crude lost 58 cents to $73.99.
Major markets in Asia closed sharply lower Thursday, with the Nikkei plunging nearly 3 percent as major exporters there lost ground after the Group of Seven industrialized nations made their strongest call yet for China to raise its currency. Major European markets were slightly lower in early trading. The dollar was also lower against the euro.
Treasury prices were slightly higher, trimming the yield on the benchmark 10-year note to 5.0 percent level, down from the 5.01 percent level reached late Friday.
In corporate news, Washington Mutual (Research), the nation's No. 1 savings and loan, said Sunday it agreed to buy financial services company Commercial Capital Bancorp (Research) in a deal worth just less than $1 billion, a 13 percent premium over its closing price Friday.
Microsoft (Research) appeared before a special 13-judge court in Europe Monday, which will weigh whether to curtail the European Commission's role as an antitrust watchdog or back the EU's ruling forcing the software giant to change its business practices. Shares of Microsoft were off 1.5 percent in heavy Frankfurt trading Monday.
Earnings are due Monday from two Dow components -- heavy equipment maker Caterpillar (Research) before the bell and financial services firm American Express (Research) during the trading day. There are no economic reports due Monday.
For a more detailed look at the markets before the open, click here.