After gains in Asia and Europe, U.S. markets set to open mixed for the new year; awaiting manufacturing report.
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by CNNMoney.com staff
Last Updated: January 2, 2009: 8:50 AM ET
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NEW YORK (CNNMoney.com) -- U.S. stocks were set to start 2009 mixed on Friday, with investors awaiting a key manufacturing report.
At 8:15 a.m. ET the futures for the Dow Jones industrial average were higher, while the S&P 500 and Nasdaq futures were slightly lower amid light trading volume. Futures project market activity after the bell, though stocks do not always track futures accurately.
Tim Crimmins, senior equity trader at Lord Abbett, said that "optimism for '09" could help drive the futures market. But he also said that volume will be light on the Friday session, considering that it's sandwiched between New Year's Day and the weekend.
"Today is just going to be a quiet day," he said.
The markets are looking to put aside one of the worst years in Wall Street's history. Last year the Dow Jones industrial average fell 34%, the Standard & Poor's 500 index lost 39% and the Nasdaq composite index slid 41%.
The first trading session in 2009 comes on the heels of a rally that happened on the last day of trading in 2008. On that Wednesday session, the Dow Jones, the S&P 500 and the Nasdaq all gained more than 1%.
Markets: Asian stocks started the year mostly higher, with Hong Kong's Hang Seng index finishing the day 4.6% higher. Tokyo was closed for an extended holiday. In Europe, markets were up in early trading.
Oil tumbled 8%, giving back some of the gains in a 14% New Year's Eve surge. U.S. light crude fell $2.36 to $42.24 a barrel. The U.S. dollar gained versus major international currencies, including the euro, yen and British pound.
Economy: On the agenda Friday is the Institute for Supply Management's monthly report on manufacturing, to be released at 10 a.m. ET. Economists surveyed by Briefing.com expect further contraction in the sector, reflecting a recessionary environment, with the index dipping to 35.4 in December from 36.2 in November.
Companies: Time Warner Cable (TWC) and Viacom (VIA.B) were finalizing details on an agreement that will allow TWC customers to continue to watch programming on Viacom's MTV Networks, which include Nickelodeon and Comedy Central.
A source close to the negotiations told CNN that TWC is expected to agree to pay a modest increase in fees to Viacom in the new deal.
Time Warner Cable, a publicly traded unit of CNNMoney.com parent Time Warner (TWX, Fortune 500), fell 31 cents to $21.45 a share in Wednesday trading, while Viacom's more activity traded stock class was up 85 cents to $19.06.
