Stock Futures Inch Higher After Late-Week Rally; Oil Slides

Stock futures were inching higher Monday after a stellar run-up late last week.
By Keris Alison Lahiff ,

NEW YORK (TheStreet) -- Stock futures inched higher on Monday, extending a stellar run-up late last week that had benchmark indices hovering near record highs. 

S&P 500 I:GSPC futures were flat, Dow Jones Industrial AverageI:DJI futures added 0.03%, and NasdaqI:IXIC futures were up 0.01%. 

Stocks rocketed higher on Friday, buoyed by a weaker dollar which boosted oil prices as well as prospects for multinational companies. The S&P 500 closed 10 points from its all-time high on Friday, while the Dow added 0.94%, 160 points from its record. The Nasdaqclosed above 5,000 again. 

On the U.S. economic calendar Monday, February existing home sales data will be released midmorning and will give a glimpse into how harsh winter weather affected the housing market. Investors will parse any hints of a rate hike timeline as Federal Reserve vice chairman Stanley Fischer speaks in New York.

Tensions were high in Europe as Greek Prime Minister Alexis Tsipras prepared to meet German Chancellor Angela Merkel for further debt talks. Tsipras has warned that Greece cannot repay debts in the weeks ahead without further help from Germany, while Germany has wanted more details of reforms before providing further assistance. 

European markets were lower ahead of the discussions. Germany's DAX fell 1.3%, France's CAC 40 slid 1%, and the FTSE 100 in London slipped 0.2%. 

Oil prices headed lower again after Saudi Arabia reiterated its stance that it would not cut production as a solution to global oversupply.

"Countries outside OPEC were insisting that OPEC carry the burden and we refuse that OPEC bears the responsibility," the nation's oil minister Ali al-Naimi said at a conference over the weekend. 

West Texas Intermediate crude fell 1.5% to $45.88 a barrel. If prices hit $42, it would mark the lowest point since 2009. 

Monsanto (MON) , producer of agricultural products, pulled lower on Monday after the World Health Organization warned that its weed killer was carcinogenic, though the company rebutted the claims. Shares were down 1.1% premarket.

Gilead Sciences (GILD) - Get Report dropped 3% on reports that the company sent out warnings for hepatitis C drug Sovaldi to health providers. Bloomberg reports the company advised that patients had experienced complications when the drug was taken with certain heart treatments.  

Deutsche Bank (DB) - Get Report popped 1.5% before the bell following a Reuters report that company will likely spin off its consumer banking division.  

Tenet Healthcare (THC) - Get Report spiked more than 5% as its considers buying United Surgical Partners, according to the Wall Street Journal. A deal could be worth more than $2.5 billion. 

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