NEW YORK (TheStreet) -- Stock futures were slightly lower on Monday, extending last week's declines, as China's exports fell for a third straight month in May.
S&P 500 futures were down 0.12%, Dow Jones Industrial Average futures fell 0.03%, and Nasdaq futures slipped 0.1%.
Benchmark indexes closed with weekly losses on Friday as a surge in jobs added to the U.S. economy in May supported the possibility of a Federal Reserve rate hike sooner than later. Click here for more.
China's economy continued to show signs of slowing as exports fell and imports declined at the sharpest rate in three months. Annual exports slid 2.5% while imports plummeted 17.6%. The latest data rallied calls for increased stimulus from the People's Bank of China. Hopes for monetary easing pushed the Shanghai Composite to close 2.2% higher.
Signs of continued weakness in China's economy put pressure on crude oil prices on Monday morning. West Texas Intermediate declined 0.74% to $58.69 a barrel. Commodities remain nearly half their peak last summer as the global oil market faces oversupply and weakened demand.
U.S. markets were looking outward for market-moving news as the domestic economic calendar is bare on Monday. U.S. retail sales and producer prices for May will be released later this week.
Monsanto (MON) shares were on watch after Syngenta (SYN) said it had rejected a second unsolicited takeover offer from its rival. The $45 billion offer was reportedly rejected given it was the "same inadequate price," according to Bloomberg.