Futures lower as investors react to higher oil prices, Bush comments.
May 25, 2004: 5:34 AM EDT
NEW YORK (CNN/Money) - U.S. stocks looked to open lower Tuesday as oil prices remained close to record highs and in the aftermath of President Bush's speech detailing plans for the June 30th turnover of Iraq to its citizens.
Early Tuesday, Nasdaq and S&P futures were markedly down.
U.S. light crude futures slipped 12 cents to $41.60 a barrel, after reaching a July contract high of $41.83 a barrel Monday; the all-time record price of $41.85 a barrel was set May 17. Brent oil futures dipped 14 cents to $38.03 a barrel in London,
U.S. markets ended mixed Monday amid new concerns about the high price of oil. The Dow Jones industrial average slipped 0.1 percent, while the Nasdaq composite index was 0.6 percent higher.
Asian-Pacific stocks were hurt by oil concerns Tuesday; Tokyo's Nikkei index lost 1-1/4 percent. European markets retreated in early trade. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Coca-Cola (KO: Research, Estimates) slipped nearly 1 percent. The soft drink maker unveiled its new low-carb cola, with free samples slated for release in selected markets throughout the nation.
Treasury prices were up slightly, with the 10-year note pulling back to 4.72 percent from 4.73 percent late Monday. The dollar retreated against the yen and euro.
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