Wall Street set for Election Day boost

At 6:42 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were higher.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

Markets have gotten a boost as lending rates have improved amid efforts by the U.S. and governments around the world to get money flowing again. Last week, the Federal Reserve, the European Central Bank and the Bank of England all cut lending rates.

But stocks could have trouble maintaining direction as investors await the outcome of the race for the White House. Voters packed the polls after the lead presidential candidates, Sen. John McCain (R-Ariz.) and Sen. Barack Obama (D-Ill.), wrapped up their campaigns in the wee hours.

Stocks were in a holding pattern Monday. The Dow Jones industrial average lost a few points. The S&P 500 index dipped 0.3% and the Nasdaq composite added 0.3%.

Economy: Investors will take in a report on September factory orders, due out at 10 a.m. ET. Economists expect a decline of 0.8% for September, according to a consensus of projections from Briefing.com. This is compared to August, when factory orders plunged 4%.

World markets: Japan's Nikkei index surged 6%, but Asian markets finished the session mixed. European stocks gained in morning trading.

Oil and money: The U.S. dollar slipped against the euro and the British pound, but rose against the yen. Oil prices were flat, edging up 17 cents a barrel to $64.08.