Stock futures point toward moderately higher open

[September 09, 2008]  NEW YORK (AP) -- U.S. stocks headed for a moderately higher open Tuesday as investors awaited readings on pending home sales and wholesale trade and as oil prices resumed their decline.

The moderate rise in stock futures comes a day after most stocks jumped on the announcement of the government's plan to take over mortgage giants Fannie Mae and Freddie Mac. Investors had been worried that the companies, which hold or back about half the nation's mortgage debt, would succumb to a spike in bad loans. The government's move helped shore up confidence in sectors like financials and home builders.

As investors look to where to take stocks next, Wall Street will be awaiting a reading due shortly after the opening bell from the National Association of Realtors on pending home sales. Investors are eager for insights into the troubled market and any signals that it is bottoming. Meanwhile, the Commerce Department is scheduled to release its monthly wholesale trade report.

Dow Jones industrial average futures rose 25, or 0.22 percent, to 11,530. Standard & Poor's 500 index futures rose 5.70, or 0.45 percent, to 1,272.70. Nasdaq 100 index futures advanced 14.00, or 0.80 percent, to 1,774.75.

The Dow jumped 2.6 percent Monday while the S&P 500 rose 2.1 percent and the technology-heavy Nasdaq composite index added 0.62 percent.

Bond prices fell early Tuesday. The yield on the benchmark 10-year Treasury note rose to 3.71 percent from 3.68 percent late Monday. The dollar was mixed against other major currencies, while gold prices rose.

Light, sweet crude fell $1.23 to $105.11 in premarket electronic trading on the New York Mercantile Exchange. Prices fell as investors placed bets that a weakening Hurricane Ike might not affect drilling and refining operations in the Gulf of Mexico. Investors will also be awaiting a decision today on production from OPEC, which meets Tuesday in Vienna.

Overseas, Japan's Nikkei stock average fell 1.17 percent. In morning trading, Britain's FTSE 100 rose 1.04 percent, Germany's DAX index added 0.75 percent, and France's CAC-40 rose 0.82 percent.

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On the Net:

New York Stock Exchange: http://www.nyse.com/

Nasdaq Stock Market: http://www.nasdaq.com/

[Associated Press; By TIM PARADIS]

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