NEW YORK ( TheStreet) -- 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 Alcoa ( AA) 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 S&P 500 were higher by 1 point, or nearly 1 point above fair value, at 1325. Nasdaq 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.
Shares of Endo Pharmaceuticals ( ENDP) 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 ( LVLT) was up by 10.4% at $1.59 early Monday after
announcing it will acquire data networker Global Crossing ( GLBC) in a deal worth roughly $3 billion. Shares of Global Crossing were ahead by 53.7% at $22.75. Shares of NYSE Euronext ( NYS) 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 Nasdaq OMX ( NDAQ) and IntercontinentalExchange ( ICE). 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.