Markets were unsettled Monday as geopolitical concerns took a toll on investor confidence.
Here are the four things you need to know ahead of the opening bell:
1. Stocks take a hit, oil and gold prices strengthen: U.S. stock futures were in negative territory and all the key European stock markets were lower Monday as the latest trouble in Ukraine and fighting in Iraq dominated the news. Prices for gold and oil were higher.
Russia said it will cut off gas exports to Ukraine. The price of natural gas was up by around 1%.
Meanwhile, oil prices were on the rise as militants extended their control in Iraq.
"Pictures of atrocities in Iraq, the breakdown of talks between Ukraine and [Russia's state-owned gas supplier] Gazprom, even scandal within the Polish central bank ... it all makes for a risk averse start to the week," said Kit Juckes, a strategist at Societe Generale.
2. Potential market movers -- Starbucks, Medtronic, Covidien: Starbucks (SBUX) shares were lower by roughly 2% in premarket trading. The company announced Sunday night that it will begin paying up to $30,000 per employee for college courses.
Medtronic (MDT) shares surged 11% in premarket trading after the company announced it will buy Ireland-based Covidien for $42.9 billion.
Related: Fear & Greed Index still extremely greedy
3. Economic data: The U.S. Federal Reserve will release its monthly industrial production report at 9:15 a.m. ET.
The Federal Reserve will discuss monetary policy on Tuesday and Wednesday. The meeting will be closely watched by investors.
4. Friday trading recap: U.S. stocks closed higher Friday. The Dow, S&P 500 and Nasdaq all made modest gains.
