U.S. stocks opened modestly lower on Monday, after the
Dow and S&P closed at records in the aftermath of an agreement by euro
zone finance ministers to extend Greece's bailout by four months.
Later Monday Greece will present its economic reform plans to seal the euro zone financial lifeline, but the government drew criticism from a veteran leftist and ruling party member that the deal let voters down. The agreement is conditional on Greece's European and IMF creditors accepting the reform list.
On Friday the three major Wall Street indexes were brought to their third weekly advance, led by the equity market, with the Nasdaq on an eight-session winning streak as it closed in on the 5,000 mark for the first time in nearly fifteen years. Existing home sales data is due at 10:00 a.m., the first in a flurry of economic reports this week that will help investors gauge the strength of the housing sector.
S&P 500 e-mini futures were down 4 points and fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract, indicated a slightly lower open. Dow Jones industrial average e-mini futures fell 39 points and Nasdaq 100 e-mini futures added 0.5 point.
As Reuters reported, Canada's Valeant Pharmaceuticals International Inc agreed to acquire gastrointestinal drugmaker Salix Pharmaceuticals Ltd in an all-cash deal valued at about $10.1 billion.
U.S. listed shares of Valeant gained 8.7 percent to $188.30 while Salix slipped 0.9 percent to $156.45 in premarket trading.
Asahi Kasei Corp, a Japanese chemicals maker, said it would buy Polypore International Inc's energy storage segment for $2.2 billion, betting on the growth of hybrid and electric cars. Polypore shares jumped 12 percent to $59.30 before the opening bell.
Home Loan Servicing added 7.9 percent to $18.08 in premarket after the company agreed to be acquired by New Residential Investment Corp for about $1.3 billion.
Dow component Boeing fell 1.8 percent to $155.49 after Goldman Sachs cut its rating on the aircraft maker to "sell" from "neutral."
Oil prices fell, with Brent down 2.4 percent to $58.76 and WTI crude off 3.6 percent at $48.99 a barrel on oversupply concerns and a stronger dollar.
