Updated from 7:05 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, May 11:
1. -- U.S. stock futures were flat to slightly higher on a quiet start after the Mother's Day holiday.
European stocks were split. Continental stocks sank on concerns over an imminent Greek debt payment, though U.K. stocks rose in an election afterglow.
2. -- The economic calendar in the U.S. on Monday is quiet. Later in the week, retail sales and jobless claim data arrive.
3. -- U.S. stocks on Friday strongly rallied, though they were little changed for the week.
4. -- Coffee brewer Starbucks (SBUX) is hoping its new miniature sizes for its milkshake-like frappucinos will boost sales and profits in the summer season. As with fizzy-drink makers PepsiCo (PEP) and Coca-Cola (KO), Starbucks is selling the smaller-size drinks to appeal to customers who want fewer calories and who want to pay slightly less for a drink.
TheStreet's Brian Sozzi notes, "The product prices on the smaller cans aren't generally dropped commensurate with the reduced liquid in the can, hence padding profits." Starbucks' strategy looks similar.
And in acknowledgment of pressure from environmentalists, Starbucks will stop bottling its Ethos water in drought-stricken California.
In premarket trading, Starbucks stock was level.
5. -- Greece is pursuing a "difficult" deal with European lenders as the country faces a debt payment of €750 million (about $837 million) to the International Monetary Fund on Tuesday. The Greek population doesn't want further austerity measures, but they will almost certainly be required to placate European authorities.
Greece has already been raiding municipal coffers in the hopes of making the payment and staying afloat in the European Union. If Greece defaults, it will face severe consequences that may include leaving the E.U. and entering a serious recession.
7. -- China cut interest rates again on Sunday in a further attempt at economic stimulus by the People's Bank of China. This is the third time China has cut interest rates since November. The move is an attempt to push up economic growth and prevent an increase in unemployment.
The Chinese government has been trying to balance support for state-owned industry with boosting free-market businesses as well.
8. -- U.S. shale oil drillers are planning to resume fracking, now that West Texas Intermediate crude oil prices have risen to around $60 a barrel. Those prices are up 37% since March. The U.S. operating rig count has been dropping since December, as drillers opted to wait until oil prices rose again before resuming production.
Brent crude oil is also rising over $65 a barrel. The oil market is still fairly oversupplied, which will likely prevent oil prices from rising sharply.
9. -- The Chinese smartphone market has reached the saturation point, according to a new study by IDC. In the first quarter of 2015, shipments of smartphones to China sank 4.3% from a year ago. Apple (AAPL) sold the most smartphones in China, followed by local brands Xiaomi and Huawei, then Samsung (SSNLF).
Slower growth in China may push phone makers to seek other markets in South and Southeast Asia.
In premarket trading, Apple stock was down 0.16%.