U.S. futures pointed to a weak open on the Wall Street, ahead of the EU summit and fresh worries about the absence of a Greek debt-restructuring agreement.
Mini Dow industrial average futures fell 92 points to 12,522.00. The Nasdaq Futures lost 19.00 points to 2,437.25. Standard and Poor's 500 futures declined 11.00 points to 1,301.50.
On the economic front, consumer spending fell less than 0.1 percent in December, below expectations of a 0.2 percent rise. Personal income rose 0.5 percent, above economists' forecasts of a 0.4 percent increase. Both gained 0.1 percent in November.
On Friday, U.S. stocks ended on a mixed note after the world's largest economy expanded at a slower pace than forecast. Weak quarterly earnings from companies including Ford and Chevron also dented the sentiment.
Hot Stocks Of The Day: (XOM, C, AMLN, TNB, LCC, PBY)
Exxon Mobil Corp. (NYSE: XOM) declined 0.6 percent after the company agreed to sell its Japanese business for $3.9 billion.
Thomas & Betts Corp. (NYSE:TNB) surged 22.3 percent in premarket to $70.87 after the electrical parts maker agreed to be bought by Switzerland's ABB for $3.9 billion or $72 a share. The purchase price represents a 24 percent premium to TNB's Friday closing price of $57.95.
Citigroup Inc. (NYSE:C) dropped 1.0 percent to $30.55 following media reports that Chairman Richard Parsons is considering stepping down.
Amylin Pharmaceuticals (NASDAQ: AMLN) jumped 16.5 percent in premarket after the U.S. health regulators cleared the company's diabetes drug Bydureon.
US Airways Group Inc. (NYSE:LCC) advanced 5.3 percent to $8.65 in premarket after the Wall Street Journal reported that Delta Air Lines (DAL) was studying the air carrier as a possible buyout target.
Pep Boys (NYSE:PBY) surged 25 percent in premarket trading to $15.10 after the automotive aftermarket chain agreed to taken private by Gores Group for $1 billion, representing a 24 percent premium to its Friday close of $12.08.
Wendy's Co. (NASDAQ:WEN) fell 1.9 percent in premarket after fast-food chain announced its quarterly numbers and issued weak same-store sales growth forecast.
Global Markets:
The European markets traded lower, with Germany's DAX down 0.85 percent to trade at 6,456.59. France's CAC40 lost 1.21 percent to 3,278.62. Britain's FTSE 100 fell 0.89 percent to 5,682.37.
Market Scan:
Ahead of the opening bell, crude oil fell 0.56 percent at $99.00 per barrel. Gold declined 0.32 percent to $1,729.9 per ounce.
In the currency market, the euro lost 0.93 percent against the U.S. dollar to 1.3097, and the British pound fell 0.35 percent against the greenback. The dollar declined 0.13 percent against the Japanese yen to 76.6000.