AHN: Wall Street May Trade Higher Ahead Of Presidential Election; Futures Rise
New York, NY (AHN) - Futures turn green as investors remain cautious ahead of the U.S. presidential election. The stocks on Wall Street are set for a mixed start on Monday.
At 7:11 a.m. EDT in New York, S&P futures were trading up by 7.20 points or 0.74 percent at 974.50 points, NASDAQ futures was moving up by 18.25 points or 1.38 percent at 1,341.00 points.
While, the Dow was trading up at 75.00 percent at 0.81 percent at 9,373.00 points.
Oil futures retreated on Monday as a light sweet crude barrel was recently trading down by 79 cents to $67.02 a barrel in electronic trading.
On Friday, the contract had closed higher by as much as $1.85 to $67.81 a barrel on the New York Mercantile Exchange.
Investors will look closely at the market reaction on Wednesday's election as polls indicate Democrat Barack Obama, 47, is leading with 8 percentage points over Republican John McCain, 72, as the voters show concern on the uncertain future of the economy.
In economic reports, a report on construction spending in September is scheduled to release information at 10:00 a.m. ET. At the same time, the ISM Index for October, a measure of nationwide manufacturing activity, will also be released.
Shares of General Motors Corp., gained by 3.8 percent to $6.01 in Frankfurt trading after crude slipped on Monday.
Boeing declined on Monday by 0.6 percent on reports that Goldman Sachs Group Inc. added the stock to its "conviction sell" list, citing "cyclical and weakening economic fundamentals behind our cautious view."
MasterCard (MA) is due to report its third quarter report after the bell on Monday and market analysts expect the company to report higher earnings by 25 percent to $2.25 per share.
In currency trading, the yen changed hands at 99.29 yen per U.S. dollar in Asia on Monday, after it closed at 98.35 yen late Friday in New York.