Wall Street poised for gains

LONDON (CNNMoney.com) -- Stocks were poised for a positive start Monday, but if last week is any indication, investors are in for another session of volatile trading.

At 4:30 a.m. ET, futures were higher, with a comparison to fair value pointing to a modest advance for Wall Street at the open.

U.S. stocks traded in see-saw fashion last week and the market could have trouble gaining momentum, especially with the July 4 holiday hitting right in the middle of the week on Wednesday.

The only major economic report on tap Monday is the Institute of Supply Management's reading on manufacturing activity, due at 10 a.m. ET.

In global trade, European markets slipped in early trading as investors worried about problems in the subprime sector and inflation. Concerns about terrorism also rattled investors as authorities tightened security after failed attacks in Scotland and London. Markets in Asia mostly finished lower.

In major corporate news, Universal Music Group may not renew a long-term contract with Apple's (Charts, Fortune 500) iTunes, which could provide a boost for other digital music providers.

Wesfarmers, the owner of Australia's largest hardware chain, has agreed to buy retailer Coles Group Ltd. for about $17.7 billion in cash and stock, making it Australia's biggest takeover.

Richard Branson's Virgin Media also reportedly is in deal talks. The company could be bought by private equity for $10 billion or more, according to published reports.