Stock futures moved lower on Monday as doubts over a production freeze agreement from major oil-producing countries left crude oil in the lurch. 

S&P 500 futures fell 0.13%, Dow Jones Industrial Average futures slid 0.2%, and Nasdaq futures declined 0.12%. 

Crude oil snapped a seven-day winning streak after Morgan Stanley threw doubt on whether an agreement between the Organization of the Petroleum Exporting Countries would come to pass. Analysts wrote in a note that a deal was "highly unlikely" as producers remain reluctant to give up market share. 

"The market treats OPEC as the central banker of oil where simple jawboning can move markets and scare off shorts," analysts wrote. "However, we see too many headwinds and logistical challenges to a meaningful deal given past statements by OPEC and its members."

Hopes over a deal when members meet in September have recently buoyed crude prices, particularly after Saudi Arabian Oil Minister Khalid Al-Falih said the country would "take any action to help the market rebalance" with the help of other producers. 

West Texas Intermediate crude oil fell 2.3% to $47.43 a barrel on Monday morning. 

Deal news was also moving markets on Monday morning. Medivation (MDVN) rocketed 20% higher in premarket trading after agreeing to be acquired by Pfizer(PFE) - Get Report in a deal valued at $14 billion. Pfizer agreed to pay $81.50 a share in cash for the cancer specialist, representing a 21% premium to its Friday close. Pfizer expects the deal to close in the third or fourth quarter of this year. 

CST Brands (CST)  dipped slihtly after agreeing to be bought by Alimentation Couche Tard in a deal worth $4.4 billion. Canadian company Alimentation will pay $48.53 a share in cash, roughly a 2% premium to CST's Friday close. CST said in March that it was exploring strategic alternatives and reports of a potential buyout had circulated last week.

The FederalReserve will again take focus this week as central bank officials convene at the Monetary Policy Symposium in Jackson Hole, Wyo. Members will discuss monetary policy at the two-day annual meeting with a speech on Friday from Fed Chair Janet Yellen providing important context to the markets' outlook for rates.

Like recent Fed chatter, Yellen's comments will likely remain dovish and conservative, pushing data dependency for any future rate moves. Yellen will also likely tout a more positive view on the economy and labor market, reflective of recent improvements in the data.

L Brands(LB) - Get Report was upgraded to buy from neutral at Goldman Sachs with analysts arguing that a bottom is visible for productivity and margins. A $94 price target was set on the stock. 

Hormel(HRL) - Get Report was upgraded to outperform from neutral at Credit Suisse. The firm said favorable industry conditions and volume growth are likely to continue. 

Deere's (DE) - Get Report price target was raised to $100 from $87 at Credit Suisse. Analysts kept a outperform rating, pointing to cost-cutting measures across the board.