NEW YORK (CNN/Money) - Stocks could get a lift early Monday from merger activity and a new drop in the price of oil.

U.S. stock futures were up, indicating a higher opening for stocks.

Spanish telecom Telefonica (Research) agreed to buy British mobile phone provider O2 for £17.7 billion, or $31.6 billion in cash. In addition, Swiss drugmaker Novartis (Research) announced it would acquire the 58 percent of Chiron (Research) it does not already own for $5.1 billion in cash, which would be a 3.7 percent premium for shareholders from Friday's close.

In addition, a group that includes Cumulus Media agreed to acquire the radio assets of Susquehanna Media for $1.2 billion, a deal that could herald further consolidation in the radio industry.

Oil prices fell below $61 a barrel in early trading amid indications of weakening demand. The December light crude futures contract for NYMEX lost 74 cents to $60.48 a barrel in electronic trading, while the December contract for Brent crude fell 70 cents to $58.72.

Major markets in Asia closed higher Monday following Friday's report that showed stronger-than-expected U.S. economic growth. Major European markets also were higher in early trading on the merger news there.

Treasury prices were little changed, leaving the yield on the 10-year note at the 4.57 percent level reached late Friday. The dollar gained ground against on the euro and the yen.

Economic reports due Monday include readings on personal income and spending as well as manufacturing activity in the Chicago region.

Economists surveyed by Briefing.com forecast that personal income rose 0.4 percent in September after a 0.1 percent fall in August, while spending is seen rising 0.5 percent, compared to a 0.5 percent decline in August.

The Chicago PMI index, which surveys manufacturing executives in the Midwest, is seen slipping to 57.2 for October from 60.5 in September, signaling expansion at a slower rate.

Closing arguments are set to take place Monday in Atlantic City, N.J., in the latest Vioxx trial in which a former retired letter carrier charges the Merck (Research) painkiller caused a 2001 heart attack. The trial is the second case to go to a jury. At last count, Merck faced more than 5,000 lawsuits from former Vioxx patients or their surviving family members

For a more detailed look at the markets before the open, click here.