U.S. markets set to open lower as crude futures reflect heating oil jitters.
October 20, 2004: 5:29 AM EDT
NEW YORK (CNN/Money) - Stocks looked ready to back down Wednesday as oil futures went back up.
Early Wednesday, Nasdaq and S&P futures were moderately lower.
Oil prices rose in anticipation of the U.S. government's weekly inventory report, due at 10:30 a.m. ET, which will be closely watched for indications about heating oil supplies. U.S. crude futures rose 29 cents to $53.58 a barrel in electronic trading, while Brent oil futures added 47 cents to $49.24 a barrel in London.
Concern about the under-investigation insurance industry and still high-priced oil helped send stocks lower Tuesday. The Dow Jones industrial average fell 0.6 percent, while the Nasdaq composite index was down 0.7 percent.
Asian-Pacific stocks tumbled Wednesday on concern about China's economic growth; Tokyo's Nikkei index lost 1.7 percent. European markets retreated in early trading. (Check the latest on world markets)
Among the stocks to watch Wednesday is Motorola (Research). The cellular technology company posted higher third-quarter earnings late Tuesday, but revenue was below forecast and the fourth-quarter guidance was lackluster. Shares fell 4.6 percent in after-hours trading.
Treasury prices rallied in early trading, sending the 10-year note yield down to 4.01 percent from 4.07 percent late Tuesday. The dollar lost ground against the yen and euro. Gold was higher.
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