Wall Street was heading for a higher open Monday as crude dropped below $60 a barrel and other energy prices followed oil lower.
Futures on the
were up 3 points at 1329, about 5.5 points above fair value. Nasdaq 100 futures were gaining nearly 5 points to 1646 and were more than 6 points ahead of fair value.
On Friday, a lack of catalysts to spark buying interest and concerns about the health of the economy sent stocks to the downside. The
Dow Jones Industrial Average
lost 25.13 points, or 0.22%, to 11,508.10, and the S&P 500 fell 3.25 points, or 0.25%, to 1314.78. The
slid 18.82 points, or 0.84%, to 2218.93.
pressured the Nasdaq, and
led the laggards on the Dow.
After the close of the last session,
Chief Executive Mark Hurd held a press conference to discuss the company's probe into a secret effort to try and determine who on the board was leaking confidential information to reporters.
During his briefing, Hurd said Chairwoman Patricia Dunn was resigning immediately and won't stay on the board. Previously, Dunn had planned to continue as chair until January before stepping aside for Hurd, and then remain as a director.
Also following the close,
cut its guidance, saying fourth-quarter revenue would be flat to up 2% sequentially. The company forecast a profit of 25 cents to 27 cents a share, excluding items, below the consensus estimate of 30 cents.
On the research front, Morgan Stanley upgraded
to overweight from equal-weight, UBS cut its ratings on
, and ThinkEquity lifted its price target on
to $100 from $90.
Treasures were rising. The benchmark 10-year note was up 3/32 in price and yielding 4.58%. Precious metals fell, with gold down $3.10 at $592.30 an ounce and silver weaker by 16 cents at $11.15 an ounce.