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US pre-open: Crude to weigh on stocks

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Date: Tuesday 06 May 2008

LONDON (ShareCast) - US stocks are seen opening lower as oil prices raced to new record highs.

Oil futures hit a new intraday high of $120.93 a barrel at one stage but now up only 32 cents to $118.31.

Across the markets, the Dow Jones is expected to fall 58 cents to 12,909 with the Nasdaq seen slipping 9 cents to 1971. The S&P 500 is due to fall 7 points.

Investors will keep an eye out to see whether there is any development in the Yahoo, Microsoft saga. Shares in Yahoo slumped on Monday after Microsoft withdrew its bid.

The Wall Street Journal reports that Bank of America is committed to its takeover of Countrywide Financial.

Homebuilder D.R. Horton and mortgage lender Fannie Mae will announce first-quarter results, while after the close Walt Disney and Cisco Systems will also release figures.

There is no major economic news expected today.