(Kitco News) - World stock markets were mostly higher in overnight trading, supported by crude oil prices stabilizing early this week after last week's plunge that pushed oil prices to a 12.5-month low. Nymex crude oil futures are firmer Tuesday morning, on tepid short covering. Oil bears remain in firm near-term technical control.
U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The Nasdaq and S&P 500 indexes on Monday hit record highs.
The other key outside market early Tuesday morning sees the U.S. dollar index trading higher on more short covering after hitting a nearly six-month low on Monday. The greenback bears have the overall near-term technical advantage.
Gold prices are slightly lower in pre-U.S. trading Tuesday. Recent rallies in world stock markets are keeping demand for the safe-haven metal tamped down.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, the monthly wholesale trade report, and the IDB/TIPP economic optimism index.
By Jim Wyckoff, contributing to Kitco News; [email protected]
Follow Jim Wyckoff @jimwyckoff for breaking news.