US pre-open: Crude to weigh on stocks
US stocks are seen opening lower as oil prices raced to new record highs.
Oil futures hit a new intraday high of $120.93 a barrel at one stage but now up only 32 cents to $118.31.
Across the markets, the Dow Jones is expected to fall 58 cents to 12,909 with the Nasdaq seen slipping 9 cents to 1971. The S&P 500 is due to fall 7 points.
Investors will keep an eye out to see whether there is any development in the Yahoo, Microsoft saga. Shares in Yahoo slumped on Monday after Microsoft withdrew its bid.
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The Wall Street Journal reports that Bank of America is committed to its takeover of Countrywide Financial.
Homebuilder D.R. Horton and mortgage lender Fannie Mae will announce first-quarter results, while after the close Walt Disney and Cisco Systems will also release figures.
There is no major economic news expected today.
