Stock Futures Mixed on Eve of Election Day
NEW YORK (TheStreet) -- Stock futures were pointing to a mixed open on Wall Street Monday ahead of Tuesday's U.S. presidential election.
Investors also will be watching a once-in-a-decade leadership shuffle in China, where the country's 18th National Party congress kicks off Thursday.
Futures for the Dow Jones Industrial Average were rising 19 points, or 17.16 points below fair value, at 13,010. Futures for the S&P 500 were up 1.80 points, or 1.95 points below fair value, at 1407. Futures for the Nasdaq were rising 5.75 points, or 2.83 points below fair value, at 2646.
"Markets remain transfixed by politics. With so many close races in the U.S., the threat of multiple hanging chad counts might delay the election result beyond Tuesday. Some states like Ohio are still changing the rules, which may lead to legal challenges," noted Paul Donovan, global economist at UBS.
The major U.S. equity averages finished last week's truncated trading week -- when exchanges were closed for several days because of Hurricane Sandy -- with steep losses on Friday as the October jobs report fell flat ahead of the election.
The Institute for Supply Management is forecast by economists to say Monday that its services index fell to 54.5 in October from 55.1 in September. The report is due at 10 a.m. EST.
The FTSE 100 in London was falling 0.47%, while the DAX in Germany was losing 0.44%, with Greece getting ready to approach parliament with a new austerity plan.
Japan's Nikkei average finished down 0.48% and Hong Kong's Hang Seng closed down 0.47% as a private study of China's services sector declined in October.
Gold for December delivery was rising $3.50 to $1,678.70 an ounce at the Comex division of the New York Mercantile Exchange, while December crude oil contracts were up 9 cents at $84.95 a barrel.
The benchmark 10-year Treasury rose 7/32, pushing the yield down to 1.695%. The dollar was up 0.14%, according to the U.S. dollar index.
In corporate news, Humana(:HUM), the health insurer, hiked its 2012 forecast and announced the acquisition of Metropolitan Health Networks(:MDF).
Time Warner Cable (:TWC) posted third-quarter results that missed Wall Street expectations after it lost more video subscribers than expected.
Berkshire Hathaway (:BRK.B) on Friday said third-quarter profit jumped 72% to $3.92 billion, or $1.58 per Class B share.
European banking giant HSBC (:HBC) said Monday third-quarter profit fell 52% and it set aside another $1.15 billion to cover potential U.S. fines for failing to stop money-laundering in its Mexican unit and compensate its U.K. customers for mis-selling payment protection insurance.
Earnings at Japanese automaker Toyota (:TM) tripled, and the company said Monday it raised its full-year earnings forecast.
-- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.