Russia and Saudi talk oil; Ransomware attack; China data

premarket monday
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1. Optimism over oil: Russia and Saudi Arabia said Monday that an agreement to slash oil production should be extended by nine months, sending U.S. crude futures higher by as much as 2.6%.

Production cuts agreed by OPEC and other major producers are set to expire at the end of June. But both Saudi Arabia and Russia said they would work to convince other countries to extend it until the end of March, 2018.

"The two ministers agreed to do whatever it takes to achieve the desired goal of stabilizing the market," said a statement published by the Russian energy ministry.

The deal has helped push prices higher in the first few months of the year, but its magic appears to be fading because of higher oil production by the U.S.

Oil was trading at $49 per barrel early Monday.

2. Cyberattack warning: Companies worldwide are braced for even more fallout from the biggest cyberattack ever as their workers head back to the office Monday.

The massive ransomware attacks that started late Friday have locked people out of their computers. Users are asked to pay hundreds of dollars to regain control.

3. Global market overview: U.S. stock futures were higher.

Most European markets opened in positive territory, while Asian markets finished the session mixed.

Germany's DAX index hit a new record high after Chancellor Angela Merkel's political party won elections in the German state of North Rhine-Westphalia on Sunday. It's a major boost for Merkel ahead of federal elections later this year.

Gold has gained 0.2% in early trading.

The Dow Jones industrial average closed 0.1% lower on Friday, while the S&P 500 shed 0.2%. The Nasdaq advanced 0.1%.

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4. Stock market movers -- Cisco, McDonald's, energy companies: Shares in Cisco (CSCO) were up in extended trading. The company said Thursday that it had acquired AI startup MindMeld for $125 million.

McDonald's (MCD) was also up in premarket trading, after a report in the Wall Street Journal suggested the fast food company is set to upgrade many U.S. restaurants in an effort to win back customers.

Miners and energy companies were among the biggest winners on Monday, getting a boost from higher oil prices. Glencore (GLCNF), BP (BP), Anglo American (NGLOY) and BHP Billiton (BBL) were all trading higher in London.

5. Earnings and economics: The hotel price comparison site Trivago (TRVG) will report first quarter earnings before the bell on Monday.

China's retail spending data for April was weaker than expected. However, its infrastructure and property activity grew more than expected.

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6. Coming this week:

Monday -- SpaceX launch scheduled; Chinese retail sales data; Trivago releases earnings
Tuesday -- U.S. housing market data; SALT conference kicks off; U.K. inflation data; Italian GDP; Staples, Weibo, Urban Outfitters and Manchester United report earnings
Wednesday -- Target, American Eagle earnings; U.S. crude oil inventories report; U.K. unemployment data; Eurozone inflation report
Thursday -- Alibaba, Wal-Mart and Gap first quarter earnings; Japan GDP data; U.K. retail sales data
Friday -- Foot Locker earnings