S&P 500 futures are 0.4% above fair value; the Nasdaq 100 futures are 0.3% above fair value; and the DJIA futures are 0.3% above fair value
Key factors driving the futures market:
A little burst of M&A activity
Amgen (AMGN) buying Horizon Pharmaceuticals (HZNP) for $116.50 per share in cash
Thoma Bravo buying Coupa Software (COUP) for $81.00 per share in cash
Microsoft (MSFT) acquiring a near 4% stake in London Stock Exchange Group
BDT Capital Partners acquiring remaining shares of Weber, Inc. (WEBR) it does not already own for $8.05 per share
Some bargain hunting pursuits after S&P 500 logged worst week last week since September
The Federal Reserve (Wednesday), ECB (Thursday), and Bank of England (Thursday) all expected to raise their key policy rate by 50 basis points this week
China continue to embrace relaxing COVID restrictions, although separate reports discuss adverse impact of rapidly spreading COVID cases
Congress will resume negotiations on government funding ahead of Friday's deadline. The two sides have differences over $26 billion in non-defense spending and IRS funding, according to The Wall Street Journal.
UK rail union to partake in four-day strike this week, according to FT
Brokerage research calls of note:
Upgrades: BDX, BBY, BOX, CR, GKOS, GPS, CAE, LRCX, MNDY, PKI, LUNG, QDEL, SO
Downgrades: ACN, BYD, ALLO, BAX, EAT, CAKE, CW, GPC, HEI, ILMN, JCI, KLAC, LH, LEG, MU, MOG.A, NVRO, OCFC, QCOM, RH, RXST, SR
WTI crude futures -0.2% to $70.89/bbl; nat gas futures +10.9% to $6.92/mmbtu; copper futures -1.3% to $3.83/lb.
2-yr note yield -1 bp to 4.33% and 10-yr note yield -3 bps to 3.54%
The U.S. Dollar Index unchanged at 104.81
Today's economic data: November Treasury Budget at 2:00 p.m. ET
