NEW YORK (TheStreet) -- Stock futures were moving modestly higher on Monday, following a rally among European shares as manufacturing activity in the eurozone rebounded and Greek debt negotiations progressed.
S&P 500 futures were up 0.26%, Dow Jones Industrial Average futures added 0.35%, and Nasdaq futures climbed 0.2%.
The manufacturing sector in the eurozone expanded in April, though at a slower pace than the month earlier. Markit's final manufacturing PMI slipped to 52, remaining close to March's 10-month high of 52.2.
"The eurozone manufacturing sector continued to grow in April, but the dip in the rate of expansion will serve to check recent optimism that the ECB's quantitative-easing program has bought a guaranteed ticket to recovery for the region," said Markit chief economist, Chris Williamson.
Negotiations between Greece and its European creditors have made progress, a government official said over the weekend, noting that an agreement could come this month. Discussions will continue on Monday as the country races to score further debt relief ahead of a May 12 repayment to the International Monetary Fund.
Chinese stocks bounced nearly 1% higher as weak China factory activity fueled hopes the People's Bank of China will introduce further monetary stimulus to revive a flagging economy. The HSBC final Purchasing Managers' Index fell at its fastest pace in a year, down to 48.9 in April from 49.6 in March.
McDonald's (MCD) shares were on watch as the fast food chain prepares to unveil its turnaround strategy including plans to counter plunging sales. The company has faced increasing difficulty enticing a crowd as consumers opt for fast casual options such as Chipotle (CMG).
Charter Communications (CHTR) is in talks with Time Warner Cable (TWC) after the latter's planned merger with Comcast (CMCSA) fell through, according to The Wall Street Journal. Charter is reportedly pursuing a less hostile approach than its failed takeover last year.
Comcast jumped nearly 2% in premarket trading after reporting quarterly earnings of 79 cents a share, 5 cents better than expected. Revenue increased 2.5% to $17.85 billion.
Diamond Offshore (DO) added 2.5% after beating expectations on its top- and bottom-lines. The company reported earnings of 50 cents a share, 7 cents higher than forecast. Revenue slid 12.6% to $620 million as plunging oil prices affected its drilling business.
Sysco (SYY) slipped more than 1% after missing expectations in its third quarter. The food distributor is also preparing to fight for its merger with U.S. Foods on Tuesday. The company will face off with the Federal Trade Commission in a Washington federal court.