NEW YORK (CNN/Money) - Weakness in the U.S. futures market early Monday could be a sign that gushing oil prices are likely to weigh on investors' minds and could stymie Wall Street's seven day long rally.

Early Monday, stock futures were mired in the red, pointing to a lower open on Wall Street.

U.S. light crude oil gushed to a record high above $59 a barrel in electronic trading early Monday before pulling back, extending last week's surge. Brent crude futures rose 47 cents to $58.23.

The run-up in oil pushed the major markets in Europe lower early Monday, while the major Asian markets were also mostly lower.

"The likelihood that oil hovers near the $59 mark is not a positive for markets because at that level investors are now looking at new highs for the commodity, " said Khuram Chaudhry, stock market strategist with Merrill Lynch in London.

Treasury prices fell, with the yield on the 10-year note slipping to 4.07 percent from 4.08 percent late Friday.

The dollar was higher against the yen and stronger against the euro.

The Dow and S&P 500 rallied to a seventh consecutive session on Friday, even as oil prices surged to new record levels.

It's a fairly light week for economic updates.

Monday brings the May read on leading economic indicators, expected after the opening bell. LEI is expected to have fallen 0.3 percent in the month, according to a consensus of economists surveyed by Briefing.com, after falling 0.2 percent in April.

Later in the week, investors will also get the latest reports on the nation's housing activity, with the existing home sales numbers for May due Thursday followed by new home sales numbers on Friday.

Capping off the week is the government report on durable goods order in May.

In corporate news, the Dolan family, which controls Cablevision Systems (Research), have moved to buy out the public shareholders of the media firm and take the company private.

In a statement Monday, Charles and James Dolan, on behalf of members of the Dolan Family Group, said in a letter to the company's board of directors have proposed acquiring the cable and telecommunications businesses of Cablevision Systems and spinning off the programming, sports and entertainment businesses.

U.S. food giant H.J. Heinz (Research) has agreed to buy Danone's UK-based HP Foods business for about $855 million in a deal that puts HP and Lea & Perrins sauces under the same roof as its own Heinz Ketchup.

The Wall Street Journal reported Monday that drugmaker Wyeth (Research) plans to slash its sales force in a major strategy overhaul, and may slash up to 750 representatives, or some 30 percent of the Wyeth force that calls on primary-care physicians or shift them to part-time work.

Aircraft maker Boeing Co. (Research) received some bad news over the weekend. ACE Aviation Holdings Inc. unit of Air Canada said late Saturday that it canceled a $6 billion order for 32 jets from Boeing after the airline's pilots rejected an agreement on costs related to the jet purchase.

Ameritrade Holding (Research) is close to a deal exceeding $3 billion to buy TD Waterhouse in a move that would make it the nation's largest online brokerage, according to a published report over the weekend.

And Monday will likely be sentencing day for Adelphia founder John Rigas and his son Timothy, who were convicted on fraud and conspiracy counts while running the Adelphia Cable empire.