NEW YORK (TheStreet) -- U.S. stock futures remained lower on Monday after data showed that consumer spending and personal incomes rose in the U.S. in August.
S&P 500 futures were down 0.56%, Dow Jones Industrial Average futures declined 0.56%, and Nasdaq futures fell 0.65%.
Consumer spending increased by 0.4% in August, driven by robust car sales and growth in back-to-school purchases. The measure was slightly higher than an expected 0.3% increase. Personals income rose 0.3% in August, according to the Commerce Department, which was slightly weaker than a 0.4% forecast.
IMF Managing Director Christine Lagarde, in a newspaper interview, said that a forecast of 3.3% growth in the global economy this year wasn't likely and that next year's 3.8% GDP target was unrealistic. Lagarde noted that slowing growth in emerging economies and China was the culprit.
"Perhaps Janet Yellen has heard us," she added, pointing to the Federal Reserve's recent decision to keep interest rates unchanged. "There is no reason to rush."
Health care stocks were on watch on Monday after the sector closed out its worst week in four years. The industry was under pressure after Democratic presidential candidate Hillary Clinton vowed to address "price gouging" in the industry following the price increase of parasitic infection drug Daraprim from $13.50 to $750 a dose. Gilead Sciences (GILD) - Get Report and Celgene (CELG) - Get Report were extending losses in premarket trading.
Apple (AAPL) - Get Report shares were on watch after the company announced Monday it sold more than 13 million new iPhone 6s and iPhone 6s Plus models in the first three days since they were made available over the weekend. This marks a new record for opening weekend sales.
J.C. Penney (JCP) - Get Report added more than 2% after Sterne Agee analysts upgraded shares to 'buy' from 'neutral.' The firm gave the stock a $13 price target, noting that confidence in a turnaround has increased since analysts met with CEO Marvin Ellison.
Energy Transfer Equity (ETE) has agreed to acquire Williams Cos. (WMB) - Get Report in a deal worth $37.7 billion, or $43.50 a share. The acquisition creates the third-largest energy franchises in North America.
Royal Dutch Shell (RDS.A) was down more than 1% after announcing it will stop offshore drilling in Alaska after a recent drilling exploration yielded disappointing results. The oil giant had spent $7 billion in exploratory drills.
SABMiller (SBMRY) is reportedly pushing Anheuser-Busch (BUD) - Get Report for a higher takeover price in the range of $106 billion to $111 billion. If approved, the deal would be the largest in the beer industry.
Alcoa (AA) - Get Report will split into two businesses: an aluminium and mining company and a special metals group. The split is expected to be completed in the second half of 2016 and is part of a long-term strategy rather than activist investor pressure.
Volkswagen (VLKAY) shares were edging higher after a dismal week. The German automaker fell nearly 30% last week after it admitted that more than 11 million diesel vehicles had software that gamed emissions tests.