Updated from 7:53 a.m. EDTThe U.S. stock market may be in for a sluggish open Monday as traders in New York returned from a long holiday weekend. Futures on the S&P 500 were down 2 points at 1263 and were about a point under fair value, while Nasdaq 100 futures were up 4 points at 1826, almost 2 points ahead of fair value. Domestic shares haven't traded since last Thursday, and that was a half session. The market was closed Friday for the Independence Day holiday. As the new week got underway, investors were greeted with a host of merger news, but thus far the dealmaking wasn't inspiring much buying interest. The biggest transaction will see Germany's Fresenius, a seller of intravenous drugs, buy APP Pharmaceuticals ( APPX) for roughly $3.7 billion. Also, China Oilfield Services, a unit of CNOOC ( CEO), is set to pay $2.5 billion for Norway's Awilco Offshore. Back in the U.S., the directors of Anheuser-Busch ( BUD) could be in for a fight to keep their jobs after Belgium's InBev, which is trying to take over the Budweiser maker for $46 billion, said it would try to replace the board. On the friendlier side, GE's ( GE) NBC Universal division is being joined by Blackstone ( BX) and Bain Capital to purchase The Weather Channel. Terms of the acquisition weren't released, but reports put the value at around $3.5 billion. Elsewhere, General Motors ( GM), whose shares have been trading at multidecade lows amid worries about its financial health, may be close to firing thousands of white-collar workers, according to a published report. The Wall Street Journal also said GM might part ways with or end additional brands.
On the commodities side, oil futures were moving a bit lower. Recently, near-month crude was down $2.44 at $142.85 a barrel in electronic trading. Treasury prices were slightly higher, with the 10-year note up 4/32 in price, yielding 3.96%, and the 30-year bond tacking on 3/32 to yield 4.53%. The dollar was rising against the yen, the euro and the pound. Overseas, most major markets were stronger. Tokyo's Nikkei added 0.9% to 13,360, and Hong Kong's Hang Seng jumped 2.3% to 21,913. In Europe, London's FTSE and Frankfurt's Dax each were rising about 0.6%. The Paris Cac was better by 0.7%.