NEW YORK (
) -- Stock futures were pointing to a higher open Monday after lawmakers reached a budget agreement to prevent a government shutdown, and the market looked ahead to the start of earnings season with
results due after the bell.
Futures for the
Dow Jones Industrial Average
were up by 10 points, or 13 points above fair value, at 12,336. Futures for the
were higher by 1 point, or nearly 1 point above fair value, at 1325.
futures were ahead by 4 points, or nearly 4 points above fair value.
Stocks dropped Friday after oil topped $112 a barrel and the market anticipated a government shutdown.
Late Friday, President Barack Obama and congressional leaders were able to agree to a plan that would lower spending by $39 billion, funding government operations for the next six months.
Northeastern Japan was hit by another powerful aftershock on Monday, exactly a month after a massive quake and subsequent tsunami critically damaged the country's Fukushima Dai-Ichi nuclear plant, spurring fears about a nuclear crisis.
Japan's Nikkei slipped 0.5% and Hong Kong's Hang Seng declined by 0.4%. London's FTSE was gaining 0.05% while the DAX in Frankfurt was down by 0.2%.
With no economic reports scheduled for release on Monday, the market will likely focus on
Alcoa, which will kick off earnings season with its first-quarter results due out after the closing bell. The aluminum producer is expected to post a profit of 27 cents a share. In the year-earlier quarter, Alcoa reported an adjusted profit of 10 cents a share. Alcoa's stock was trading 0.9% higher at $18.08 ahead of Monday's opening bell.
was gaining 12.1% to $45.80 ahead of Monday's opening bell after it agreed to acquire
American Medical Systems
( AMMD) for $30 a share, or $2.9 billion in cash.
American Medical's stock was soaring 32.6% to $29.60.
Fiber networking company
Level 3 Communications
was up by 10.4% at $1.59 early Monday after
announcing it will acquire data networker
( GLBC) in a deal worth roughly $3 billion. Shares of Global Crossing were ahead by 53.7% at $22.75.
were down 0.5% to $38.50 during premarket trading after the
exchange operator said its board rejected the $11.3 billion hostile takeover bid from
In commodity markets, the May crude oil contract was trading $1.08 lower at $111.71 a barrel. The June gold contract was down by $7.10 at $1,467 an ounce.
The benchmark 10-year Treasury fell 2/32, lifting the yield to 3.588%. The dollar strengthened against a basket of currencies with the dollar index up by 0.3%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.