2. Stocks on the move -- Hillshire Brands, InterContinental Hotels, AstraZeneca, Equifax, Michael Kors: Hillshire Brands(HSH) popped 22% in premarket trading on news that Pilgrim's Pride(PPC) has made a $6.4 billion offer to buy the company. It would be a $45 per share cash transaction. Hillshire stock closed at $37 on Friday.
Shares in InterContinental Hotels(IHG) were higher in London after Sky News reported the hotel chain rejected a secret £6 billion ($10 billion) bid by a U.S. suitor. The company declined to comment on the report.
Shares in AstraZeneca(AZN) were down as investors reacted to Pfizer's(PFE) confirmation that it would no longer pursue a mega-takeover of the British drugmaker.
Equifax shares were off and Michael Kors(KORS) shares were up ahead of the open. The fashion company will report results Wednesday.
3. Economic events: The latest S&P/Case-Shiller 20-city home price index will be published at 9 a.m. ET. This index provides a snapshot of how the U.S. housing market is performing. The price index is expected to have jumped at an annual rate of 11.8% in March, according to a consensus of economist opinion from Briefing.com, but that would be a slowdown from the prior month's increase of 12.9%.
The Conference Board will release its latest consumer confidence index at 10 a.m.
The government will release its monthly report on durable goods at 8:30 a.m. ET. A consensus of economists are expecting a decline of 1.3% in April, according to Briefing.com.
Investors brushed off European Union election results that showed far-right and far-left parties had gained additional traction. A majority of voters still supported traditional parties in the European Parliament.
Investors were also pleased that Ukrainian elections were completed without too many complications.