Updated from 6:59 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, May 4:
1. -- U.S. stock futures were trending upward on Monday as investors await consumer spending data at the beginning of another big earnings week.
U.K. markets are closed for a holiday Monday, as are Japanese markets. Most European markets are reopening after a May Day holiday.
2. -- The economic calendar in the U.S. on Monday includes the Gallup survey of self-reported consumer spending at 8:30 a.m. and factory orders data at 10 a.m.
3. -- U.S. stocks on Friday kicked May off with strong gains based on deal talk and strong earnings.
4. -- Warren Buffett staged his Berkshire Hathaway (BRK.A) (BRK.B) investor summit this weekend after the company reported strong earnings on Friday. The railroads, energy and utilities unit led the company's holdings. Berkshire Hathaway earned $2,583 per class-A share, excluding some items, which beat average analyst estimates of $2,330, as tabulated by Thomson Reuters. Net income rose 9.8% to $5.16 billion, or $3,143 a share, from $4.7 billion, or $2,862 a share a year earlier. Revenue increased 4% to $50 billion.
In premarket trading, Berkshire Hathaway's B-class stock was up 1.1%.
5. -- Comcast (CMCSA), the largest U.S. cable-TV operator, reported better-than-expected earnings before the opening bell. The company increased stock buybacks to $10 billion for the quarter, and will now buy back $6.75 billion more, it announced.
Although Comcast's $45 billion merger with Time Warner Cable (TWC) was scuttled, Comcast doesn't seem to be suffering too much as a result. Comcast earned 79 cents per share, after excluding some items, beating analyst estimates of 74 cents per share. The company also gained more new Internet subscribers than expected.
Comcast stock is up 1.5% in premarket trading.
6. -- Burger-and-fries restaurant McDonald's (MCD) said it would reveal details of a turnaround plan on Monday. The company is trying to update its operations and improve its sales and profits. McDonald's is the world's largest fast-food chain, but it has been struggling to redefine itself for the past few years. The company has suggested that it will look to all-day breakfast and food customization as possible routes to appeal to customers.
In premarket trading, McDonald's stock was up 0.2%.
7. -- Oil prices are at a 2015 high, with Brent crude oil nearing $67 a barrel and U.S. West Texas Intermediate crude oil above $59 a barrel. Brent crude prices are up more than 40% since January, despite very large global production numbers.
Investors are betting on a tighter supply in the future, as well as a weaker dollar and continued upheaval in the Middle East.