Updated from 7:05 a.m. EDT.

NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, March 31:

1. -- U.S. stock futures were drooping Tuesday on the last day of the first quarter. The day will be a busy one for economic data and presentations from Federal Reserve presidents.

European stocks lacked direction Tuesday, as weakness in Asia and worries over Greece and deflation seemed to weigh on sentiment even as the economy in Germany showed continued strength.

2. -- The economic calendar in the U.S. on Tuesday includes the consumer spending Redbook at 8:55 a.m., the S&P/Case-Shiller home price index at 9 a.m., Chicago PMI manufacturing data at 9:45 a.m., consumer confidence numbers at 10 a.m., and the State Street Investor Confidence Index at 10 a.m.

Kansas City Federal Reserve Bank President Esther George, Richmond Federal Reserve Bank President Jeffrey Lacker and Cleveland Federal Reserve Bank President Loretta Mester will all give speeches Tuesday.

3. -- U.S. stocks on Monday closed strongly up as several big pharmaceutical deals were announced, along with hints that China may ease monetary policy.

The Dow Jones Industrial Average (DIA - Get Report) rose 1.49% to 17,976.31. The S&P 500 (SPY - Get Report) closed up 1.22% to 2,086.24. The Nasdaq (QQQ - Get Report) jumped 1.15% to 4,947.44.

4. -- Tuesday is the last day of the first quarter of 2015. The stock market has swung up and down in a wide and volatile range, with strong performance generally limited to tech, biotech and smaller-cap stocks. The S&P 500 is up 1.3% for the quarter, the Dow is up 0.8% and the Nasdaq is up more than 4%.

Consumer spending was lower than expected, suggesting slower growth coming up. GDP expansion was modest in the U.S., and savings rates were up. 

5. -- Electric car maker Telsa Motors (TSLA - Get Report) will reveal a new product on April 30, its CEO Elon Musk announced, although he was vague on what kind of product. In a tweet, Musk said the company was readying "a major new Tesla product line -- not a car." Musk also tweeted that he was upbeat about the company's prospects in China.

Tesla's hints pushed the stock up 3.01% on Monday. In premarket trading, the stock was rising another 0.73%.

6. --  IBM (IBM - Get Report) will spend $3 billion over four years to expand its data analysis for the Internet of Things, the web of information generated by cars, appliances and other items that now run software and collect data. The company also said it would cooperate with the Weather Channel to help companies use weather predictions to improve their business.

In premarket trading, IBM was trending downward by 0.26%.

7. -- London online fashion company Net-a-Porter will merge with Italian fashion company Yoox (YXOXF), the companies announced. Net-a-Porter's parent, Richemont, said the new luxury fashion company would be worth about $2.5 billion. The deal requires the approval of Yoox shareholders.

Last week rumors circulated that Amazon (AMZN - Get Report) was considering buying Net-a-Porter.

8. -- U.S. oil production hit an all-time high in 2014, the Energy Information Administration said in a report. Crude oil production averaged 8.7 million barrels a day, 1.2 million barrels a day more than in the prior year.

Although oil production is up, prices are down about 50% since the middle of 2014.

9. -- In a deal worth about $2.9 billion, Dutch electronics company Philips (PHG - Get Report) will sell 80.1% of its Lumileds LED component and automotive lighting business to GO Scale Capital, a new investment fund. The deal values this lighting unit at $3.3 billion. Philips will continue to hold a 19.9% stake in the unit. The deal will need to clear regulatory hurdles before it can be completed.

Philips' ADR was falling 1.29% in premarket trading.

10. -- Chinese phone maker Huawei said it had 33% revenue growth in is consumer business, most of that from emerging markets. Smartphone demand is up, it said. The company is still actively growing and is spending 14% of revenue on research and development.