Stocks were flat to slightly higher early Monday as looming testimony from a

Federal Reserve

official kept traders from celebrating a big tie-up in the wireless telecom space.

Index futures recently showed the

S&P 500

trading 2 points above fair value, while the Nasdaq 100 was poised to open flat. The 10-year Treasury bond was down 1/32 in price to yield 5.14%, while the dollar rose against the yen and euro.

Overseas markets were mixed, with London's FTSE 100 recently adding 1.1% to 5659 and Germany's Xetra DAX jumping 1.8% to 5472. In Asia, Japan's Nikkei lost 0.1% overnight to 14,860, while Hong Kong's Hang Seng fell 0.5% to 15,769.

Most commodity prices eased as traders priced in one and maybe two more quarter-point rate hikes from the U.S. Federal Reserve this summer. Crude futures were recently down 67 cents to $69.21 a barrel, while gold lost $11.20 to $570.50 an ounce; copper fell 14 cents to $3.07 a pound; and silver dipped 24 cents to $9.89 an ounce.

Stocks are coming off an extremely volatile week that saw the

Dow Jones Industrial Average

swing by 100 points or more on three days. The cumulative moves in the major average's were relatively small over the five sessions, with the Dow adding 33 points, the

Nasdaq

losing 5 and the S&P 500 losing 1 point.

The major catalyst for investors last week was Federal Reserve commentary, including dovish remarks from Chairman Ben Bernanke Thursday that helped sparked a 198-point Dow rally. On Monday, Atlanta Fed President Jack Guynn is speaking on the economy at 9:30 a.m. EDT in Florida.

Meanwhile, China's central bank said early Monday that it plans to take measures to restrain the country's recently breakneck economic growth. The moves will "strengthen the banking system's liquidity management, further control the overly fast growth of credit, and continue to rationally guide the scale of commercial banks' medium and long term loan issuances," according to a statement. Last Thursday, China reported an 18% rise in industrial production for May.

To view Ana Dane's video take on today's premarket action, click here

.

On the corporate front,

Nokia

(NOK) - Get Report

and

Siemens

(SI)

struck a deal to combine their wireless network operations in a new holding company in which each will hold a 50% stake. The companies hope to cut $2 billion of costs out of the combined entity by 2010, according to a release.

Shares of

Intel

(INTC) - Get Report

were upgraded to buy from hold at UBS, which said the chipmaker's lower cost structure should promote margin growth. UBS raised its price target to $23 from $21.

Another Dow component,

General Motors

(GM) - Get Report

, could see interest after supplier

Delphi

reached a deal to offer buyout packages to members of its second largest union. Delphi modeled the agreement with the International Union of Electronics workers on the pact it struck earlier with the United Auto Workers.

Goldman Sachs

(GS) - Get Report

has looked inward to fill out its top ranks after the departure of CEO Hank Paulson to be Treasury secretary. After elevating Lloyd Blankfein to CEO, the bank on Sunday announced that Gary Cohn and Jon Winkelried will be Goldman's new co-chief operating officers.