pre trading

Stocks could slip on oil
Higher energy prices and concerns about the Fed and interest rates could provide headwinds for stocks in early going.
June 27 2006: 6:26 AM EDT

NEW YORK (CNNMoney.com) -- Stocks looked to have a rough start Tuesday in the face of higher oil prices and interest rates concerns ahead of the Federal Reserve meeting later this week.

Stock futures fell in early trading, with a comparison to fair value indicating a mixed to slightly lower open for the market.

Oil prices were up early, a day ahead of the weekly U.S. fuel inventory report.

The August light crude futures contract for NYMEX gained 45 cents to $72.25 a barrel in electronic trading, while Brent rose 49 cents to $71.22.

Major markets closed mostly higher in Asia. Major European markets were narrowly higher in early trading.

Treasury prices edged lower in early trading, lifting the yield on the 10-year note to 5.24 percent from the 5.23 percent level reached late Monday. Bond prices and yields move in opposite directions.

The dollar was little changed against the yen and the euro, even after a deputy governor of China's central bank said that countries around the world should gradually rely less on the dollar for trade and their foreign exchange reserves.

Economic reports due after the market open today include readings on existing home sales and consumer confidence. Economists surveyed by Briefing.com forecast that the annual pace of existing home sales fell to 6.6 million from 6.8 million in April, although a report Monday on new home sales came in with an unexpected gain on lower average sales price.