Stocks set for positive open
Futures move narrowly higher as investors eye possible deal for Wrigleys, Fed meeting later this week.
LONDON (CNNMoney.com) -- Stocks futures edged higher early Monday, lifted by a possible $22 billion deal for chewing gum giant Wrigleys, but investors were cautious ahead of this week's Federal Reserve meeting.
At 5:03 a.m. ET, Nasdaq and S&P futures were narrowly higher, with a comparison to fair value pointing to a flat to positive start for stocks.
Investors are expecting the Fed to lower rates yet again at the end of its two-day meeting on Wednesday. Many economists expect the central bank will hold rates steady after that cut in a bid to keep inflation in check.
A slew of high-profile economic reports will come out this week, although no readings are due on Monday. Tuesday brings a report on consumer confidence. Inflation will be on the minds of investors when the personal and income spending report is released Thursday, and Friday brings the government's monthly jobs report.
Oil prices hit another record trading high near $120 a barrel in electronic trading after a refinery strike in the U.K.
In major deal news, Mars and Warren Buffett's Berkshire Hathaway (BRKA, Fortune 500) are near a deal to buy chewing gum giant Wm. Wrigley Jr. (WWY, Fortune 500) for more than $22 billion, according to published reports.
Microsoft's (MSFT, Fortune 500) deadline for Yahoo (YHOO, Fortune 500) to respond to its takeover passed on Saturday, without an announcement from either side, which means the three-month battle for Yahoo may soon turn hostile.
Also over the weekend, Continental Airlines (CAL, Fortune 500) said Sunday it would not pursue a merger with another carrier.
In global trade, Asian markets headed mostly higher. European shares also rose in early trading. 
