Premarket futures were suggesting a narrowly mixed open Monday as the price of crude oil rose and the dollar backed off from recent gains.
Futures for the
were down 2 points at 1298 and were half a point below fair value.
futures were down 3.5 points at 1962 but were 1 point ahead of fair value.
In the commodities space, crude oil was up 52 cents to $114.29, as traders eyed the trajectory of Tropical Storm Fay, which may hit the Gulf of Mexico this week. Gold was up $9.90 to $802.
At the same time oil advanced, the dollar began to soften after a week of solid gains against its major foreign counterparts. Treasury securities, meanwhile, were heading higher. The 10-year was up 2/32 in price, yielding 3.83%, and the 30-year was gaining 4/32 to yield 4.46%.
On the corporate side, Japanese bank
has inked an agreement to buy California regional bank
. Mitsubishi already owns 65% of UnionBanCal shares, and will pay $3.5 billion for the remainder. UnionBanCal is noted for having sidestepped the worst of the housing crisis.
Elsewhere in the financial sector,
reported that the government will probably help troubled mortgage companies
raise fresh capital at the expense of taxpayers and shareholders.
The Wall Street Journal
also reported that brokerage
could stand to lose $1.8 billion in the third quarter, adding further pressure on CEO Richard Fuld and raising the prospects that the company would need to raise more than the $6 billion in capital it amassed in June.
As for earnings, mining company
announced a rising full-year profit and raised its dividend. Retailer
is also set to report.
Globally, most of the major European exchanges were headed downward. In Asia, Tokyo's Nikkei was up, while the Hang Seng in Hong Kong was trading lower.