Stocks set for sideways open
Investors await key economic readings due out later this week. Madoff faces sentencing.
NEW YORK (CNNMoney.com) -- U.S. stocks were expected to open little changed Monday at the start of a holiday week and entering the final two days of the first half.
At 7 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were slightly higher.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Investors face a holiday-shortened trading week that brings key economic news on housing, manufacturing and the labor market.
"This is an abbreviated week, but with a lot on the calendar," said Peter Cardillo, chief market economist for Avalon Partners, noting that the most important report, on unemployment, is Thursday.
"I think that most of the numbers are going to point to an economic rebound," said Cardillo.
In Monday's trading, Cardillo said the slight gains in the U.S. futures were taking their lead from strength in the European markets. He also said the end of the quarter might help to fuel the market, as money managers adjust their books.
Madoff: Ponzi mastermind Bernard Madoff finds out Monday whether he will spend the rest of his life behind bars. He faces a maximum of 150 years in prison at his sentencing
Companies: Employment consulting firms Watson Wyatt (WW) and Towers Perrin agreed Sunday to merge. The deal is valued at $3.5 billion. The new firm will be publicly listed.
Microsoft (MSFT, Fortune 500) is planning to sell its digital agency Razorfish, the Financial Times reported.
World markets: Stocks in Asia finished mostly lower. In morning trading, major European markets were modestly higher.
Oil and money: The dollar rose against major international currencies, including the euro, the yen and the British pound. The price of oil rose 37 cents a barrel to $69.53. 
