Before the bell: Wall Street headed higher; automakers, retailers in focus

Posted Dec 2nd 2008 7:37AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Earnings Reports, Market Matters, Economic Data, Oil

U.S. stock futures were higher Tuesday morning, a day after stocks returned most of last week's gains as the Dow dropped 680 points -- one of its worse ever.

Automakers will be in focus today as no only do they return to Capitol Hill armed with a plan this time as they ask for aid, they will also release November sales. Analysts expect to see large sales declines.

Overseas, Asian markets sank following Wall Street's deep selloff, with the Nikkei dropping below 8,000. European stocks, however, were little changed as indications grew of a modest rebound on Wall Street.

Oil prices continued Monday's retreat, falling to a 3-year low below $48 a barrel Tuesday as the U.S. economic news combined with the savage selloff in the stock market gave a bleak picture for future demand.

The retail industry will also be in focus today as several retailers are scheduled to report earnings. Sears had already reported it had swung to a loss.

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