Stock futures edged lower on Monday in cautious trading after crude oil resumed its decline.
S&P 500 futures were down 0.11%, Dow Jones Industrial Average futures fell 0.07%, and Nasdaq futures slid 0.09%.
Crude oil pulled pack from recent highs after trading at its highest level of the year last week. Traders' confidence was undermined on Friday after Baker Hughes reported the number of active U.S. oil rigs rose by 1 to 387 in the past week, the first increase of the year. West Texas Intermediate was down 1.2% to $38.96 a barrel.
Wall Street last week stretched its winning streak to five weeks, a record not seen since October last year. Investors can thank the Federal Reserve, which inspired the bulls after a comfortingly dovish statement and press conference mid-week. Stocks are currently trading at 2016 highs.
It was merger Monday with several deals in the works. Hot takeover target Starwood Hotels (HOT) agreed to a raised bid from Marriott (MAR - Get Report) . The new offer values Starwood at $13.6 billion, above an offer from Chinese company Angbang Insurance for around $13.2 billion. Starwood shares climbed 2.5% before the bell.
IHS (IHS) announced plans to merge with Markit (MRKT) in an all-stock deal worth more than $13 billion. IHS will own around 57% of the company, while Markit will hold the remainder. The combined company will be named IHS Markit and will be located in Markit's headquarters in London. The deal is expected to close in the second half of the year.
Sherwin-Williams (SHW - Get Report) fell 2% in premarket trading after agreeing to acquire Valspar (VAL - Get Report) in a deal worth $9.3 billion. Sherwin-Williams agreed to pay $113 per Valspar share, a 52% premium to its Friday close. Valspar shares were up more than 25% in premarket trading.