US STOCKS-Index futures dip as dollar gains

* Dollar rises, pressuring stock futures

* Intel rises after stock raised to “buy”

* Futures dip: S&P 3.4 pts, Dow 33 pts, Nasdaq 6 pts

* For up-to-the-minute market news see [STXNEWS/US]

NEW YORK, Nov 8 (BestGrowthStock) – U.S. stock index futures fell
on Monday as a rise in the U.S. dollar weighed on commodity
prices and looked set to put pressure natural resource stocks.

* The dollar has traded in a strong inverse relationship to
U.S. equities recently. An unwinding of dollar short positions
that began after solid U.S. jobs data on Friday gathered pace
on Monday, while concerns over euro zone debt hurt the euro.

* Metals prices slipped as the dollar rose, while oil
prices fell toward $86 a barrel, easing back from two-year
highs earlier in the session. Gold slipped for the first time
in three sessions but remained near record highs. For details,
see [ID:LDE6A70YG]

* “The dollar weakness, which has been one of the driving
forces in the recent rally, is rebounding, causing a rethink in
the dollar trade,” said Andre Bakhos, director of market
analytics at Lek Securities in New York.

* “That coupled with calls by many for profit-taking has
caused an early morning retreat.”

* S&P 500 futures (SPc1: ) fell 3.4 points and were below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) fell 33
points, and Nasdaq 100 futures (NDc1: ) lost 6 points.

* U.S. stocks (Read more about the stock market today. ) rose for the fifth straight week last week
and have passed levels not seen since before the bankruptcy of
Lehman Brothers, helped by Republican gains in the U.S. midterm
elections and on news of more cheap money from the U.S. Federal
Reserve.

* Shares of Intel Corp (INTC.O: ) rose nearly 1 percent to
$21.43 before the bell after UBS raised the stock’s rating to
“buy” from “neutral.” UBS estimates the global semiconductor
industry will see another couple of quarters of inventory
adjustments. [ID:nWNAB0678]

* Saudi Arabian Airlines ordered 12 Boeing Co 777-300
“Extended Range” planes for $3.3 billion, in addition to eight
787 Dreamliners, Boeing (BA.N: ) said Sunday. [ID:nN07170469]

* Japan’s Nikkei average rose 1.1 percent to a three-month
closing high on Monday, adding to gains last week as investors
shifted toward global equities on improving prospects for the
U.S. economy. European stocks were down slightly in early
trade, with telecommunications shares such as Vodafone Plc
(VOD.L: ) among the biggest drags.

* Frontier Communications Corp (FT.N: ), Priceline.com Inc
(PCLN.O: ), Progressive Corp (PGR.N: ) and Sysco Corp (SYY.N: ) are
due to report quarterly results on Monday , while economic
indicators on tap for Monday include the October employment
trend number.
(Reporting by Edward Krudy; editing by Jeffrey Benkoe)

US STOCKS-Index futures dip as dollar gains