U.S. stock market futures were higher Friday morning, the first trading session of 2009 as bulls aim to continue Wednesday's rally and follow global markets. Investors continue to focus on oil prices, which fell again, and await economic data on manufacturing activity. [Update: By 8:25 am, most stock futures were lower, and if the trend continues, we could see a lower start today.]
Overseas, world stock markets opened 2009 on a high note, with Asian markets closing the day with gains, and European markets also opened higher even as news that manufacturing activity contracted for the seventh month running in December in the euro-zone economies. But some markets were still closed for the holidays and trading light.
Oil prices fell some 8% to below $42 a barrel Friday after Russia and Ukraine said a dispute over natural gas payments wouldn't affect shipments to Western Europe even as Russia continues to withhold gas to Ukraine. Again, it seems that concerns over global demand for oil due to recession overshadows disputes there and in the Middle East.
At 10:00 am this morning, half an hour after the opening bell, the Institute for Supply Management will report its manufacturing data for December. Economists expect the numbers to show further contraction.
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