U.S. markets set to open lower on persistence of $55 crude, continued concern about election.
October 27, 2004: 5:37 AM EDT
NEW YORK (CNN/Money) - The persistence of $55-a-barrel oil and pre-election jitters could zap the nascent stock market rally when trading begins Wednesday.
Early Wednesday, Nasdaq and S&P futures pointed to a modestly lower open for the major indexes.
Oil prices were mixed as traders await the government's inventory report, due at 10:30 a.m. ET, for signs of how severe heating oil shortages may be this winter. U.S. crude futures rose 8 cents to $55.25 a barrel in electronic trading, while Brent oil futures slipped 6 cents to $51.50 a barrel in London.
With six days to go until the election -- and X days until the nation knows who won -- President Bush and Sen. John Kerry continue their marathon campaigning. The president plans stops in Pennsylvania, Ohio and Michigan, while the senator visits Iowa and Minnesota -- all states that are seen as too close to call.
After the markets open, the government will issue its report on new home sales for September. Economists surveyed by Briefing.com expect the annual rate to decline to 1,150,000 from 1,184,000 in August.
Before the opening bell, durable goods orders for September are due, with a rise of 0.5 percent seen, compared with a 0.3 percent decline in the prior month.
Insurance stocks paced a rally, particularly among blue-chip stocks, Tuesday. The Dow Jones industrial average gained 1.4 percent, while the Nasdaq composite index rallied 0.8 percent (see chart for details).
Asian-Pacific stocks ended mixed, with Tokyo's Nikkei up 0.2 percent. European bourses were higher in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Apple Computer (Research) fell more than 1 percent. The company said Tuesday it's coming out with a new iPod with a color screens that will hold digital pictures, as well as a special-edition iPod loaded with the Irish rock group U2's new album.
Treasury prices rose in early trading, sending the 10-year note yield down to 3.98 percent from 4 percent late Tuesday. The dollar was stronger against the euro and just a little higher against the yen. Gold was higher.
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