Updated from 7:02 a.m. EST.

NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, March 2:

1. -- U.S. stock futures were flat to slightly positive Monday, as investors await data on consumer spending and income.

European stocks were at seven-year highs, although signs of deflation were still strong.

2. -- The economic calendar in the U.S. on Monday includes Gallup's consumer spending survey at 8:30 a.m. Personal income numbers for January also arrive at 8:30 a.m. The Bureau of Economic Analysis releases data on personal consumption expenditures at 8:30 a.m. The PMI Manufacturing Index reports data from purchasing managers at 9:45 a.m.

This week earnings season is wrapping up.

3. -- U.S. stocks on Friday closed down, but gains for the month of February were the best in three years. A modest recovery in oil and the encouraging words of Federal Reserve Chair Janet Yellen to Congress propelled the three major indicies to better-than-5% gains for the month.

The S&P 500 (SPY) closed down 0.30% to 2,104.50. The Nasdaq (QQQ) fell 0.49% to 4,963.53. The Dow Jones Industrial Average (DIA) dropped 0.45% to 18,132.70.

4. -- Dutch semiconductor maker NXP Semiconductors (NXPI) will buy Austin, Tex.-based Freescale Semiconductor (FSL) in a big deal for the chip market. The combined new company will be worth more than $40 billion. The deal values Freescale at $11.8 billion.

This is the fourth and largest semiconductor merger of the year, after Avago Technologies (AVGO) announced a deal for Emulex (ELX) for $600 million, MaxLinear (MXL) said it would buy Entropic Communications (ENTR) for $287 million, and Lattice Semiconductor (LSCC) reported a buyout of Silicon Image (SIMG) for $600 million.

In premarket trading, NXP shares were up 13.3%. Freescale shares were up 14.1%.

5. -- Warren Buffett's annual letter to shareholders of Berkshire Hathaway (BRK.A) (BRK.B) was released over the weekend. In his fiftieth annual letter, Buffett reiterated his optimism on the U.S. stock market, his confidence in Berkshire Hathaway, as well as his pride in his company's massive returns

TheStreet's Jim Cramer and Doug Kass scrutinized Buffett's letter. Cramer described it as "a great read," saying that it gives insight into Buffett himself and "why we recognize his investment acumen as the greatest of all time." 

Berkshire shares were up 0.26% in premarket trading.

6. -- Drug companies GlaxoSmithKline (GSK) and Novartis (NVScompleted a swap of assets worth more than $20 billion, they announced Monday. This completes a deal announced in April 2014.

The companies formed a joint venture to promote consumer health. GSK took over Novartis's vaccine business, and Novartis acquired GSK's cancer drug line.

GlaxoSmithKline stock was up 0.32% in premarket trading. Novartis stock was down 2.8%.

7. -- After propelling the stock market to strong gains for the month of February, oil prices are retreating. Both Brent crude oil and West Texas Intermediate crude oil were dropping around 1% on Monday.

U.S. crude oil inventories have risen significantly, and that trend isn't expected to stop. The number of U.S. oil drilling rigs has also dropped. A U.S. oil refinery strike is also impacting prices.

Must Read: 16 Rock-Solid Dividend Stocks With 50 Years of Increasing Dividends and Market-Beating Performance

8. -- The U.S. dollar is at 11-year highs on Monday after China cut interest rates again. The dollar is approaching its September 2003 high against the euro and the pound.

China is cutting interest rates even as the U.S. Fed is contemplating raising rates, which may happen as soon as June.

9. -- The Federal Trade Commission said that the largest consumer complaint of 2014 was identity theft. Debt collection was No. 2. Almost 2.6 million complaints were levied in 2014, the commission said.

The FTC compiles complaints that it receives, as well as complaints to law enforcement, consumer groups and non-governmental organizations.

10. -- Sotheby's  (BIDreports earnings Monday. Analysts were estimating that the auction house would report earnings of $1.28 a share on revenue of $338 million.

Sotheby's stock closed flat on Friday at $43.95. The stock was steady in premarket trading.

Must Read: Warren Buffett's Top 10 Dividend-Paying Stocks for 2015

-- Written by Nora Morrison

Follow @NoTicker

Nora Morrison is an editor, writer and researcher on music, popular culture and business. She is an associate editor at TheStreet, and is on Twitter at No Ticker.

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