Tepid Tuesday

[notiCIas]

Tepid Tuesday

Stock futures lower as continued high oil prices continue to be drag on equities.

August 23, 2005: 6:13 AM EDT

NEW YORK (CNN/Money) - Continued high oil prices could give stocks trouble in the early going Tuesday.

U.S. stock futures were lower in early trading, indicating a lower open for stocks Tuesday, as oil prices edged further above the $65 a barrel mark.

The October light crude futures contract for NYMEX gained 16 cents to $65.81 a barrel in electronic trading early Monday, while the October contract for Brent crude was up 4 cents to $64.54.


Major markets in Asia closed mixed Tuesday. Major European markets were lower in early trading.

Bond prices were lower, lifting the yield on the 10-year treasury to 4.22 percent from the 4.21 percent level late Monday. The dollar gained ground on the yen but lost ground on the euro.

In economic reports, the markets will get the latest reading on the closely watched real estate market at 10 a.m. ET, when the National Association of Realtors releases its monthly report on existing home sales. Economists surveyed by Briefing.com forecast that those sales slipped slightly to a 7.25 million annual pace from the record 7.33 million sales rate in June.

In corporate news Wachovia (Research), the nation's No. 4 bank, is among those exploring a deal for the auto-finance firm WFS Financial (Research), which has a market capitalization of $2.5 billion, according to a report in the Wall Street Journal Tuesday.

Research in Motion (Research), makers of the BlackBerry e-mail pager, has agreed to a joint development deal with the world's largest chipmaker, Intel (Research), according to a television report Monday afternoon.


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