Stocks weighed by OPEC deal concerns; crude oil plunges

|By:, SA News Editor

Stock futures point to a flat open, giving up earlier gains as crude oil has weakened further amid growing concerns about the likelihood of an OPEC production deal coming out of tomorrow's official meeting; S&P, Dow and Nasdaq all flat.

U.S. crude oil has turned sharply lower, -3.6% at $45.39/bbl, following headlines indicating that Iran will not cut its oil production; oil futures already were lower on news that Russia will not attend tomorrow's meeting.

Meanwhile, this morning saw solid U.S. economic data on Q3 GDP, indicating better than consensus growth of 3.2%, and September Case-Shiller home prices rising at an in-line 5.1% clip

European bourses are mixed, with France's CAC +0.5% but Germany's DAX -0.1% and U.K.'s FTSE -0.8%; in Asia,Japan's Nikkei -0.3% and China's Shanghai Composite +0.2%.

In corporate news, Tiffany +5.1% premarket after beating quarterly estimates and reaffirming guidance.

Still ahead: consumer confidence