NEW YORK (
) -- U.S. stock futures pointed to a mildly lower open Monday as President Obama's budget projects a record deficit of $1.6 trillion.
Futures for the
Dow Jones Industrial Average
were down by 3 points to 12,238. Futures for the
were lower by 1.1 points to 1326.20, and
futures were off by less than 1 point to 2327.75.
Stocks rose Friday as President Hosni Mubarak resigned and home finance reform lifted shares across the financial sector.
China surpassed Japan to become the world's second-largest economy after the U.S.
Overseas, the Hong Kong Stock Exchange jumped 1.3% and Japan's Nikkei gained 1.1%. London's FTSE was shedding 0.3% and the DAX in Frankfurt was down by 0.2%.
President Obama is sending a $3.73 trillion budget to Congress that promises $1.1 trillion in deficit savings over the next 10 years through spending cuts and tax hikes. The new budget proposes a record deficit of $1.6 trillion.
agreed to buy broadband satellite network provider
( HUGH) for roughly $2 billion, plus debt. Hughes shares were losing 2.9% at $60 ahead of Monday's opening bell.
agreed to buy the well support unit of the U.K.'s
John Wood Group
for roughly $2.8 billion. GE's stock was gaining 0.4% at $21.42 in early trading.
There are no economic releases scheduled for Monday's session.
In commodity markets, the March crude oil contract was trading 4 cents lower at $85.54 a barrel. The April gold contract, the most actively traded gold future, was lower by $1.70 to trade at $1,358.70 an ounce.
The benchmark 10-year Treasury fell 2/32, lifting the yield to 3.644%. The dollar strengthened against a basket of currencies with the dollar index up by 0.4%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.