Oil gains after Goldman turns upbeat on supply
by Anora Mahmudova and Barbara Kollmeyer
U.S. stock futures were fighting to advance Monday, hovering near the flatline after a reading of New York-area manufacturing conditions fell sharply in May.
The Empire State general business-conditions index nose-dived to a reading of negative 9, from positive 9.6 in April. Against that weak-data backdrop. some investors believe the probability for an increase of benchmark interest rates by the Federal Reserve as a low.
Stock futures were already struggling after Chinese economic indicators pointed to more weakness, overshadowing a renewed push higher for oil prices.
Still mergers and acquisitions news jolted a handful of stocks, including Anacor Pharmaceuticals Inc.