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Stocks set for weak open

27/05/2008 15:31:00 Milorad Topalovic

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Futures point to lower start ahead of readings on consumer confidence, new home sales.

LONDON (CNNMoney.com) -- U.S. stocks looked set for a weak open Tuesday as traders headed back to work after the holiday weekend.

At 4:26 a.m. ET, Nasdaq and S&P futures were narrowly higher and pointing to a flat to lower start for Wall Street.

Stocks sank Friday amid surging oil prices and another weak reading on the housing market. U.S. markets were closed Monday for Memorial Day.

Crude prices remained near the $133 a barrel level Tuesday, supported by supply concerns and worries about the health of the U.S. economy.

On the economic front, readings on consumer confidence and new home sales are both on tap.

In global trade, Asian stocks ended mostly higher. European shares fell in early trading. U.K. markets were closed Monday.

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