U.S. Stock Futures Point to Mixed Start

Updated from 7:56 a.m. EDT

Premarket futures were pointing to a mixed open Monday as reminders of the ongoing housing and credit crises contrasted with solid earnings reports from several big Wall Street names.

Futures for the S&P 500 were even at 1254 and were 4 points under fair value. Nasdaq futures were up 5 points at 1846 but were 6 points short of fair value.

Over the weekend, a slew of corporate news emerged to help set the tone for Monday's trading. In a new development for the ongoing credit crisis, the government said last Friday that it had closed two banks, First National Bank of Nevada and First Heritage Bank of Newport Beach California. The Federal Deposit Insurance Corporation is backing the banks' deposits.

Meanwhile, Congress on Saturday passed a housing bill that would help homeowners refinance their mortgages and prop up battered government-sponsored entities Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote).

Also on Saturday, XM Satellite Radio (XMSR Quote) and Sirius (SIRI Quote) got the government's blessing on their long-awaited merger deal.

Elsewhere, the The Wall Street Journal reported Sunday that Kohlberg Kravis Roberts intends to go public on the New York Stock Exchange.

As earnings season continues to chug along, foodmaker Kraft (KFT Quote) reported a year-over-year increase in profits, beating expectations. Tyson Foods (TSN Quote), on the other hand, saw profits decline and fall short of estimates on rising chicken costs.

Wireless telecom company Verizon (VZ Quote) announced second-quarter earnings that, excluding charges, beat expectations.

As for commodities, crude oil was rising $1.01 to $124.27 a barrel. Gold was up 70 cents at $937.60 an ounce. On Friday, the national average gasoline price dipped below $4 a gallon for the first time since May and was recently at $3.97 a gallon.