Stock futures held slight gains on Tuesday after consumer spending in April showed its best gain since August 2009. 

S&P 500 futures were up 0.18%, Dow Jones Industrial Average futures gained 0.22%, and Nasdaq futures climbed 0.2%. 

Consumer spending in the U.S. jumped 1% in April, the biggest increase in nearly seven years, according to the Commerce Department. Strong demand for new cars and trucks and higher fuel prices led the increase. Economists had expected spending to increase 0.7%. Incomes rose 0.4%, the third increase of the year, while the savings rate slipped to 5.4% after reaching its highest level since 2012 in March. 

The holiday-shortened week is jam-packed with economic data including the ISM manufacturing index on Wednesday, and international trade and the U.S. jobs report for May on Friday. The European Central Bank also will convene for a monetary policy meeting with an announcement set for Thursday. 

U.S. stocks closed last week with their best five-day gain in weeks as Wall Street grew more comfortable with the idea of a rate hike from the Federal Reserve sooner rather than later. On Friday, Fed Chair Janet Yellen suggested the central bank could implement another rate hike this summer.

European stocks were slightly lower on Tuesday after inflation in the region remained in negative territory over the month. Inflation fell 0.1% in May, according to a flash estimate from Eurostat, slightly less than the 0.2% decline in April. May's reading shows a long way to go before inflation hits the ECB's 2% target. 

SodaStream (SODA) - Get Report rose 10% in premarket trading after announcing a new home beer-brewing system which will first launch in Europe. The homemade soda company has partnered with light beer brand Blondie to deliver consumers the ability to create homemade beer from a concentrate pod and sparkling water through SodaStream's device. 

Celator Pharmaceuticals (CPXX) surged 71% in premarket trading after Jazz Pharmaceuticals (JAZZ) - Get Report agreed to pay $1.5 billion for the cancer-treatment biotech company. Jazz will pay $30.25 a share for New Jersey-based Celator, nearly double its Friday close. The deal provides Jazz access to Celator's pipeline drug to treat leukemia. 

Medtronic (MDT) - Get Reportmoved higher in premarket trading after topping fourth-quarter estimates on its top- and bottom-lines. The medical technology company earned an adjusted $1.27 a share in its recent quarter, a penny above estimates, while revenue jumped 4% to $7.6 billion. Medtronic expects full-year 2017 earnings between $4.60 and $4.70 a share. 

Great Plains Energy (GXP) fell 5% in premarket trading after agreeing to purchase Westar Energy (WR) for $8.6 billion, a significant step of consolidation in the utilities sector as the two companies seek to ensure more control over consumer rates. The companies expect the deal to close in spring of 2017, pending regulatory approval. 

Micron Technology (MU) - Get Report rose more than 2% after Robert W. Baird analysts raised their rating on the stock to outperform with a $18 price target, up from neutral with a $12 target. The firm pointed to improving demand for PCs and NAND flash memory as reasons for the upgrade.