U.S. stock futures pointed to a lower open Monday, as investors cautiously awaited manufacturing-activity data.

The U.S. Institute for Supply Management releases its manufacturing index later this morning, and it is expected to show that American manufacturing contracted in May for a fourth consecutive month.

Numbers are also due from the U.S. Commerce Department on construction spending in April, which economists believe shrank for the sixth time in seven months.

Here at home, Statistics Canada reported that the total value of residential construction investment reached $19.8 billion in the first quarter of 2008, an increase of 7.5% compared with the first quarter of 2007. Increases seen in most provinces and for the three components of residential construction (new housing construction, renovations and acquisition costs) explained this quarterly increase.

The Canadian dollar opened at US100.43¢, down 0.27 cent from Friday.

In international banking news, Wachovia Corp.’s board of directors ousted CEO Ken Thompson, an unexpected move that could raise questions about further losses at the U.S. bank.

Light sweet crude was down US$1.33 to US$126.02 on the New York Mercantile Exchange, after going as low as US$125.61 overnight.

In today’s earnings news, the UK’s Bradford & Bingley reported weaker profit and cut the amount of money it will raise from a rights issue while arranging a cash injection from TPG Capital. The British pound dropped sharply, and several British banks traded lower.

The FTSE 100 index was down 1% near midday in London, while the German DAX also fell one% and the French CAC-40 lost 1.3%.

In Asia, Tokyo’s Nikkei 225 index rose 101.60 points, or 0.7%, to 14,440.14, its best finish since January 9.

In Hong Kong, the Hang Seng index rose 1.2% to 24,831.36.

Despite Friday’s negative GDP report, the benchmark index of the Toronto Stock Exchange gained more than 100 points, as commodities stocks led the charge.

The S&P/TSX composite index closed up 137.56 points, or 0.94%, at 14,714.73, as six of the 10 major TSX groups gained today.

The junior S&P/TSX Venture composite index closed up 28.40 points, or 1.08%, at 2,657.00.

In New York, markets bounced in and out of red territory as positive earnings news from computer giant Dell Inc. and not-as-bad-as-expected inflation data affected investor decisions.

The Dow Jones industrial average closed down 7.90 points, or 0.06%, at 12,638.32.

The S&P 500 closed up 2.12 points, or 0.15%, to close at 1,400.38.

The tech-heavy Nasdaq closed up 14.34 points, or 0.57%, to close at 2,522.66.